NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

A Reference Point Theory of Mergers and Acquisitions

Malcolm Baker, Xin Pan, Jeffrey Wurgler

NBER Working Paper No. 15551
Issued in December 2009

---- Acknowledgements -----

For helpful comments we thank the Honorable William Allen, Yakov Amihud, Nick Barberis, Lauren Cohen, Ravi Dhar, Robin Greenwood, Steven Huddart, Ulrike Malmendier, Florencia Marotta-Wurgler, Steven Mintz, Daniel Paravisini, Gordon Phillips, Gerald Rosenfeld of Rothschild North America, Rick Ruback, Joshua White, Russ Winer, and seminar participants at Columbia University, Harvard Business School, Michigan State, the NBER Corporate Finance Summer Institute, NYU Stern, and the Securities and Exchange Commission. Baker gratefully acknowledges financial support from the Division of Research of Harvard Business School. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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