Mergers and Productivity offers probing analyses of high-profile
mergers in a variety of industries. Focusing on specific acquisitions,
it illustrates the remarkable range of contingencies involved in any
merger attempt. The authors clearly establish each merger's presumed
objectives and the potential costs and benefits of the acquisition, and
place it within the context of the broader industry. Striking
conclusions that emerge from these case studies are that merger and
acquisition activities were associated with technological or regulatory
shocks, and that a merger's success or failure was dependent upon the
acquirer's thorough understanding of the target, its corporate culture,
and its workforce and wage structures prior to acquisition.
Sifting through a wealth of carefully gathered evidence, these papers
capture the richness, the complexity, and the economic intangibles
inherent in contemporary merger activity in a way that large-scale
studies of mergers cannot.