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date: 13 June 2021

Abstract and Keywords

This article begins by reviewing some stylized facts. These facts pose some puzzling questions that must be answered, if we are to understand the role mergers play in capitalist systems. It then turns to the evidence of their effects on profitability, efficiency, and shareholder wealth. This evidence is used to resolve some of the questions raised by the stylized facts about mergers.

Keywords: mergers, capitalism, capitalist system, profitability, efficiency, shareholder wealth

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