Does the Sum of Idiosyncratic Decisions Mean Anything?
There’s an article in the weekend edition of The Wall Street Journal, entitled, It’s a Done Deal: Merrill and BofA. It is subtitled, “At Thundering Herd’s Last Meeting, Thain Presides Over Sadness and Anger.”
In previous posts we’ve already commented on a variety of related topics, including our dislike of mega-mergers, which concentrate idiosyncratic decision-making and exacerbate moral hazard issues. (For merger-related issues, see: Forced Mergers? Bigger Is Not… Read the rest
