Parrino, James D.; Harris, Robert S. - In: Journal of Applied Corporate Finance 11 (1999) 4, pp. 88-96
In their study of 197 U.S. takeovers from the 1980s, the authors find that the most important determinant of superior post-merger operating performance is whether the target company's management is replaced or retained. When the target CEO is replaced, the post-merger firm's annual cash flow...