The Synergy Limitation ParadoxGraduate School of Business, Columbia University, 1997 - Consolidation and merger of corporations - 26 pages |
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achieved acquiring firms acquiring-firm managers acquisition strategy advantage ladder advantages based already captured ARBITRAGE Asani ASSET PRICING cash flows combined firm competencies competitors contest Danny Miller Edwards Deming exploit Figure firm's Franklin Geoffrey Heal December higher-level hypercompetitive implement incremental performance improvements incremental synergies infrastructure integration internal internal strategic alliances internally-oriented INVESTMENT Kathryn Rudie Harrigan ladder of advantage leverage Maria Vassalou Mark Sirower market prices market share merged organizations merger METALLGESELLSCHAFT Ming-Jer Chen November ongoing organizational experience Paine Webber paying acquisition premiums people-based advantage PORTFOLIO Post-industrial economies potential synergies premiums paid productivity improvements realize required performance improvements required synergies scale economies serve customers Sid Browne Silverio Foresi simulation sources of advantage sources of competitive stock prices Suresh Sundaresan sustain competitive advantage synergies immediately SYNERGY LIMITATION PARADOX synergy trap target firms Time-based advantage U.S. dollars VALUATION value chain value-adding value-creating Variety-based advantage vendors wages Webber Working Paper