Studies of mergers and acquisitions have struggled to identify characteristics of M&A transactions that are consistently associated with positive returns for buyers. The authors report the findings of their study of buyers' gain in fire sales by examining the stock price reaction to corporate announcements of acquisitions of distressed companies or their assets. During the period from 1982 to 2012, buyer returns were approximately two percentage points higher in fire sales than in regular M&A transactions.

中文翻译：

---

购买不良资产的好处

对并购的研究一直难以确定与并购交易的正向收益相关的并购交易的特征。作者通过检查股票价格对收购不良公司或其资产的公司公告的反应，报告了他们对买方在火灾中获得的收益的研究结果。在1982年至2012年期间，与常规的并购交易相比，购房者的回购收益大约高出两个百分点。