英文标题：
《Why free markets die: An evolutionary perspective》
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作者：
Eduardo Viegas, Stuart P. Cockburn, Henrik Jeldtoft Jensen, Geoffrey
B. West
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最新提交年份：
2014
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英文摘要：
Company mergers and acquisitions are often perceived to act as catalysts for corporate growth in free markets systems: it is conventional wisdom that those activities lead to better and more efficient markets. However, the broad adoption of this perception into corporate strategy is prone to result in a less diverse and more unstable environment, dominated by either very large or very small niche entities. We show here that ancestry, i.e. the cumulative history of mergers, is the key characteristic that encapsulates the diverse range of drivers behind mergers and acquisitions, across a range of industries and geographies. A long-term growth analysis reveals that entities which have been party to fewer mergers tend to grow faster than more highly acquisitive businesses.
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中文摘要：
在自由市场体系中，企业并购往往被视为企业增长的催化剂：传统智慧认为，这些活动会带来更好、更高效的市常然而，在企业战略中广泛采用这种观念，很容易导致一个不太多样化、更不稳定的环境，由非常大或非常小的利基实体主导。我们在这里表明，祖先，即合并的累积历史，是概括不同行业和地区合并和收购背后各种驱动因素的关键特征。一项长期增长分析显示，参与合并较少的实体往往比收购率较高的企业增长更快。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Quantitative Finance 数量金融学
二级分类：Risk Management 风险管理
分类描述：Measurement and management of financial risks in trading, banking, insurance, corporate and other applications
衡量和管理贸易、银行、保险、企业和其他应用中的金融风险
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