Results show . . . acquirers moving early within an industry acquisition wave not only
outperform those acquiring later, but on average achieve an economic gain.
This result is particularly impressive because researchers have concluded that although
target shareholders benefit from acquisitions, acquiring firm shareholders do not.
—Gerry McNamara, Jerayr Haleblian, and Bernadine Johnson Dykes
The Performance Implications of Participating in an Acquisition Wave1