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Figure Figure 1 Growth that compounds

The strongest number, and its label

The decade-level split in the nearest academic test runs in the claim's direction: as untested medians the paper itself files as a non-reported analysis.

A bar chart of the decade-level split in Laamanen and Keil 2008. Frequent acquirers with ten or more deals, 173 firms: median excess return plus 12.6 percent per year. Less frequent acquirers with four to nine deals, 438 firms: minus 3.9 percent per year. Both bars are marked because the split is the point, and it is descriptive medians from a non-reported analysis with no significance test for it in the paper.-505101512.6Frequent acquirers (10+ deals, 173 firms)-3.9Less frequent (4–9 deals, 438 firms)Median excess return per year (%)
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Reference & Evidence

Source: Laamanen & Keil (2008), robustness note: median excess market returns per year over 10–13 years, 611 U.S. serial acquirers (1990–99); the paper prints the buckets as 'over 10' (173 firms) and '4–9' (438 firms), which partition the full 611. Its prose calls the split significant; the analysis is non-reported and no test statistic for it appears in the article. Descriptive medians; the authors disclaim causality.

Each line is a claim from the register this journal publishes against, resolved from the register at build time.

  • A Laamanen and Keil studied 5,518 acquisitions by 611 active U.S. acquirers from 1990 to 1999 using three-year excess market returns Laamanen & Keil (2008), Strategic Management Journal 29(6) · LK08-C1
  • A Over the 10 to 13 year horizon, 173 frequent acquirers had median excess returns of 12.6% per year versus -3.9% for 438 less frequent acquirers; the split was descriptive and non-reported Laamanen & Keil (2008), robustness note · LK08-C2

Grades: A, verified against the printed page of the primary source · B, primary source, text layer only · C, authoritative secondary · D, reported.

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