Where M&A Pays and Where It Strays: A Survey of the Research

Abstract

This article uses a large and growing body of academic studies to refute the popular notion that corporate mergers and acquisitions generally fail to increase productivity and end up reducing shareholder value. A careful review of the evidence starts by con. rming the obvious-namely, that the shareholders of selling firms earn large returns from M&A-and goes on to demonstrate an economic reality that is not widely understood: shareholders of acquirers generally earn about the required rate of return on investment, and hence M&A is at least a value-maintaining proposition. 2004 Morgan Stanley.

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