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I. The growth maximization hypothesis, 644. — II. The demand and supply of firms when managers maximize stockholder welfare, 648. — III. The demand and supply of firms when managers and stockholders have different expectations, 653. — IV. Differences in discount rates as a cause of mergers, 654. — V. Growth maximization in light of recent merger history, 657.
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Dennis C. Mueller (1969) studied this question.
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