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| Preface | |
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| Uncovering the Rules of the Game | |
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| Introduction: The Acquisition Game | |
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| The M&A Phenomenon | |
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| Back to First Principles: The Acquisition Game | |
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| A Brief History of the Research on Acquisitions | |
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| Can You Run Harder? Synergy | |
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| Synergy and the Acquisition Game | |
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| The Performance Requirements of Pre-Acquisition Market Values | |
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| The Competitive Challenge of Synergy | |
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| The Cornerstones of Synergy | |
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| Predictable Overpayment | |
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| Do You Feel Lucky? The Acquisition Premium | |
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| The Synergy Concept: Expectations versus Realizations | |
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| The Resource Allocation Decision: An Introduction | |
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| Required Performance Improvements: A Simulation Approach | |
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| The Seductiveness of Financial Valuation Models | |
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| Tools and Lessons for the Acquisition Game | |
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| Prior Expectations and Additional Resource Requirements | |
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| Competitors | |
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| Time, Value, and the Premium | |
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| An Analysis of Corporate Acquisition Strategies | |
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| Acquirer Performance and Risk Taking | |
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| Corporate Acquisitions as a Strategy for Value Creation | |
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| Acquisition Premiums | |
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| Strategic Relatedness of Acquisitions | |
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| Method of Payment | |
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| The Performance Effects of Mergers versus Tender Offers | |
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| Relative Size of the Acquisition | |
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| Managerial Risk Taking Following Acquisition | |
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| Methodology | |
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| Sample | |
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| Acquiring Firm Performance | |
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| Independent Variables | |
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| Changes in Risk Taking Following Acquisition | |
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| Empirical Techniques | |
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| Discussion of Results | |
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| Aggregate Results on Acquisitions | |
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| Traditional Tests and Replications of Evidence on Relatedness | |
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| Testing the Acquiring Firm Performance Model | |
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| Tests for Changes in Risk Taking | |
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| Implications of the Analysis | |
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| Theoretical Contributions | |
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| Public Policy Implications | |
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| Practical Implications | |
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| Review and Critique of Prior Research on Mergers and Acquisitions | |
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| Detailed Results of the Analysis in Part 2 | |
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| Sample and Descriptions of Targets and Acquirers Used in the Analysis | |
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| Notes | |
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| Bibliography | |
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| Index | |
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| About the Author | |