1. Why do companies operating within the pharmaceutical and biotechnology industries typically sustain higher ROICs than rms in the technology, hardware, and equipment industries?

2.Discuss potential explanations for the widening of the distribution of ROICs across all companies over recent decades.

3. Why could growth through a series of bolt-on acquisitions create more value than growth through a single large acquisition? (Consider premium paid and synergies created for each individual transaction.)

4. Why do fast-growing companies typically fail to sustain their high growth rates?