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Does corporate diversification destroy value?
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DOI：10.1111/1540-6261.00439.png)
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摘要
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We analyze several hundred firms that expand via acquisition and/or increase their number of business segments. The combined market reaction to acquisition announcements is positive but acquiring firm excess values decline after the diversifying event. Much of the excess value reduction occurs because our sample firms acquire already discounted business units, and not because diversifying destroys value. This implies that the standard assumption that conglomerate divisions can be benchmarked to typical stand-alone firms should be carefully reconsidered. We also show that excess value does not decline when firms increase their number of business segments because of pure reporting changes.
Keyword:
CONGLOMERATE MERGER WAVE
ACQUISITIONS
PERFORMANCE
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期刊
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9.5
论文数:
4.0K
被引数:
5.0W
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分享收藏The market for corporate assets: Who engages in mergers and asset sales and are there efficiency gains?.png)
JOURNAL OF FINANCEOAAI
JOURNAL OF FINANCEIF9.5
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