In the context of corporate acquisitions, it is often observed that acquisition-related value losses occur for the acquired entities. Karsten Klopfer identifies net synergy and the acquisition premium as value-influencing factors. Through an empirical study, he demonstrates that the net synergy for the owners of the acquired entity is limited and that excessive acquisition premiums are paid, which explain the value loss of acquired entities. He empirically derives a relationship that allows for forecasting the value change of the acquired entity based on the amount of the granted acquisition premium. Compared to a commonly used trading strategy of short-selling acquisition targets upon acquisition announcements, the application of the model has also led to significant performance improvements in a forward-looking manner.