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Repetitive acquisitions involve benefits and costs. Benefits accrue from learning about the takeover process while costs involve integrating the combined firms. These benefits and costs are not directly observable from outside the firm but this paper proposes a simple model to infer their relative importance from the time between successive deals. The data requirements are minimal and allow the use of all mergers and acquisitions during 1992 - 2009 (more than 300,000 deals). The results provide strong and robust evidence that learning dominates integration costs for repetitive acquirers.
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