"When we study M&A, what are we learning?"

Based on a review of contemporary deals as well as published articles concerning M&A from the past three years, the paper argues that useful research on draws on organizational as well as economic theory, and uses clinical as well as empirical methodologies. Any research on M&A that contains a performance hypothesis must deal with the fact that the choice of target, the price paid for the target, the financing of that price, and the process of integration of the target must all be successful for the deal to work out well. Those four hurdles involve a variety of economic, political and social forces operating at the level of firm, groups and individuals. Research suggests that successful deals reflect balanced progress on economic, technical and social factors.