Discussion of
"A Clinical Exploration of Value Creation and Destruction in
Acquisitions:
Organization Design, Incentives, and Internal Capital Markets"
From the NBER Conference on Mergers & Productivity
University of Rochester, Rochester, NY 14627
and National Bureau of Economic Research
Kaplan, Mitchell, and Wruck (1999) present interesting detailed evidence on
two acquisitions and why the authors conclude that they failed. They argue that
incentives and organizational form are important determinants of success or
failure. They also raise fundamental questions about the methods of clinical
research and the lessons that can be learned from it. As with all of the papers
in this conference volume, the challenge to enrich the set of hypotheses that
can be addressed using large sample empirical methods is an important yet difficult
goal.
Key words: takeover, corporate control, divestiture, clinical study
JEL Classifications: G34
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