【中山大学431金融 罗斯 公司理财】Topic_26_E2.pdfVIP

Topic 26, Exercise 2 Agency Issues Related to Mergers Recent research by Julie Wulf at the Wharton Graduate School finds that managers do not always act in the best interest of their shareholders. In her study, she examines a group of friendly mergers of equals and compares it to a group of mergers where the acquiring firms are larger than the target firms. She finds a significant difference in merger premiums for the two groups. A summary of her findings can be found in “CEOs Serve Themselves First in Mergers of Equals