Some of the companies include Procter & Gamble (PG), which bought Gillette for $57 billion in January 2005; serial acquirer ConocoPhillips (COP), created in a 2002 merger, and which in 2006 bought Burlington Resources; biotech giant Amgen (AMGN), which has been buying companies since taking over Immunex in 2002; Monsanto (MON), which bought Delta & Pineland Seeds and Seminis; Kraft (KFT), which bought Group Danone's cookie and cereal division in 2007 and is itself the product of a merger with Nabisco; and CVS Caremark (CVS), which has acquired companies since its 2006 megamerger.

Mostly, companies declined to comment, without knowing the specifics of the analysis. P&G said it "held itself to the highest standards." Some, like Northrop Grumman and ConocoPhillips, noted they had already announced impairments.

Some of the companies include Procter & Gamble (PG), which bought Gillette for $57 billion in January 2005; serial acquirer ConocoPhillips (COP), created in a 2002 merger, and which in 2006 bought Burlington Resources; biotech giant Amgen (AMGN), which has been buying companies since taking over Immunex in 2002; Monsanto (MON), which bought Delta & Pineland Seeds and Seminis; Kraft (KFT), which bought Group Danone's cookie and cereal division in 2007 and is itself the product of a merger with Nabisco; and CVS Caremark (CVS), which has acquired companies since its 2006 megamerger.

Some of the companies include Procter & Gamble (PG), which bought Gillette for $57 billion in January 2005; serial acquirer ConocoPhillips (COP), created in a 2002 merger, and which in 2006 bought Burlington Resources; biotech giant Amgen (AMGN), which has been buying companies since taking over Immunex in 2002; Monsanto (MON), which bought Delta & Pineland Seeds and Seminis; Kraft (KFT), which bought Group Danone's cookie and cereal division in 2007 and is itself the product of a merger with Nabisco; and CVS Caremark (CVS), which has acquired companies since its 2006 megamerger.

Some of the companies include Procter & Gamble (PG), which bought Gillette for $57 billion in January 2005; serial acquirer ConocoPhillips (COP), created in a 2002 merger, and which in 2006 bought Burlington Resources; biotech giant Amgen (AMGN), which has been buying companies since taking over Immunex in 2002; Monsanto (MON), which bought Delta & Pineland Seeds and Seminis; Kraft (KFT), which bought Group Danone's cookie and cereal division in 2007 and is itself the product of a merger with Nabisco; and CVS Caremark (CVS), which has acquired companies since its 2006 megamerger.

And David Rickard, chief financial officer of CVS Caremark, said "This is an excellent illustration of the problems with mechanistic analysis. It points out potential risks that simply don't exist," as CVS has done a "phenomenal" job with its acquisitions.

Mostly, companies declined to comment, without knowing the specifics of the analysis. P&G said it "held itself to the highest standards." Some, like Northrop Grumman and ConocoPhillips, noted they had already announced impairments.

Kaplan and colleague Jack Zwingli are quantitative analysts and credit experts who oversee the six-year-old Audit Integrity. Among the companies Kaplan is short in his personal account, it ought to be mentioned, are eBay (EBAY) and Transocean (RIG), both on the list.