Читать книгу Applied Mergers and Acquisitions - Robert F. Bruner - Страница 86

M&A activity occurs in waves over time and hits industries differently. Research offers several explanations for this activity: managerial hubris, market mania, market overvaluation, information asymmetry, agency costs, and industry shocks—the thoughtful practitioner will find useful insights from all of these explanations. But underlying these perspectives are differing assumptions about the rationality of managers and markets. The M&A practitioner needs to have a view about this as a foundation to using effectively the tools and concepts in this book.

The notion that industry shocks drive M&A offers some traction for the analyst. The economic turbulence from industry shocks is always present, but it affects various industries, and the firms within them, differently. As a result, the M&A professional needs to develop an ability to tell industry-specific and company-specific stories about the impact of economic turbulence. This is an essential foundation for almost all of the professional skills surveyed in this book: transaction search, forecasting, valuation, due diligence research, negotiation, deal structuring, postmerger integration, and others.