In troubled times, even the daring companies tend to lie low and freeze any investments. The recent stock collapse of several high-profile dealmakers has also deterred many executives from launching into mergers or acquisitions. But contrary to popular belief, merging or acquiring in a difficult economy may be the silver lining of the storm.

Over the past few years, Bain research found that the companies most successful at creating long-term shareholder value tend to be the constant acquirers: those who go for it, through boom and bust.