This data helps to shed light on the relationship between stock returns and growth, by honing in on the relationship, that is the spread, between stock and bond valuations on the one hand and growth on the other.
For long, it was actually quite impossible to find any category of acquisitions that defied this rule and made some money, but lately a few studies have started to emerge that identify types of acquisitions that are seen in a more positive light by the ever elusive stock market.