Does Corporate Performance Improve After Mergers?

Whilst the greatest effort has been made to ensure the quality of this text, due to the historical nature of this content, in some rare cases there may be minor issues with legibility. We thank Robin Cooper, George Foster, Michael Jensen, Bob Kaplan, Richard Leftwich, Mark Wolfson, Karen Wruck, and seminar participants at Baruch College, Carnegie Mellon, Columbia, Dartmouth, Duke, Federal Reserve Bank Washington D.C.), Harvard, Michigan, MIT, NYU, Rochester, Stanford, USC, and U.S. Department of Justice for helpful comments on earlier drafts, Chris Fox and Ken Hao for research assistance, and the International Financial Services Center at MIT and the Division of Research at HBS for financial support.