Dessaint, Olivier; Eckbo, B. Espen; Golubov, Andrey - 2019
-specific synergies to help interpret these opposing trends. In our theory and in the data, acquirer returns increase with the extent to … which synergies are unique to that bidder. The composition effect reflects bidder uniqueness. Overall, the evidence is … consistent with rising merger synergies that have become less bidder-specific …