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specific acquisitions, it illustrates the remarkable range of contingencies involved in any merger attempt. The authors clearly … establish each merger's presumed objectives and the potential costs and benefits of the acquisition, and place it within the … context of the broader industry. Striking conclusions that emerge from these case studies are that merger and acquisition …
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This paper uses data on the abnormal returns earned by the shareholders of Texaco and Pennzoil to examine whether resources were "lost" in the course of the litigation. We find that the leakage involved in the forced transfer is enormous: each dollar of value lost by Texaco's shareholders has...
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