Professor Sagers Publishes on Mergers

Chris Sagers, the James A. Thomas Professor of Law, will publish his paper “Why Do Corporations Merge and Why Should Law Care?” in the Michigan Journal of Law Reform. The paper concerns a surprising empirical puzzle that is well-established and significant, but almost completely ignored by American law: that on average, corporate mergers and other acquisitions appear to do no demonstrable good for corporations, their shareholders, or anyone else. Sagers’ paper comprehensively surveys the empirical literature, works through the several serious puzzles it implies, and suggests policy corrections to take better account of it.

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