A new 11-year global study released by Bain & Company indicates that M&A creates the most value when it is frequent and material over time. David Harding, the co-head of Bain & Company's Global M&A Practice and lead author of the report claims that "The biggest news coming out of our study is that unless you are a material player you don’t move the needle,” and cautions that "Doing M&A half way may feel good, but doesn't generate results.”