Herding in M&A:An empirical study of Chinese firms
公司并购中的“羊群行为”:基于中国数据的实证研究

M&A is one of the most important ways to allocate resources in securities market,but not all M&A transactions are efficient and rational.By establishing a theoretical model of M&A decision-making, this paper demonstrates the ability ofherding behaviorin interpreting irrational M&A.The hypotheses derived from the model are tested with the empirical M&A data of A-shares listed companies in Chinese stock market between 2002 and 2004.The findings suggest that the M&A performance of the companies with fewer prec...