Comparing Acquisitions and Divestitures

Audra L. Boone, J. Mulherin
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引用次数: 759

Abstract

We study the acquisition and divestiture activity of a sample of 1,305 firms from 59 industries during the 1990-99 period. Consistent with the importance of restructuring activity during the 1990s, we find that half of the sample firms are acquired or engage in a major divestiture. Consistent with the notion that economic change is a source of the observed restructuring activity, we find significant industry clustering in both acquisitions and divestitures. We also study the announcement effects of the two forms of restructuring and find that both acquisitions and divestitures in the 1990s increase shareholder wealth. Moreover, the wealth effects for both acquisitions and divestitures are directly related to the relative size of the event. The symmetric, positive wealth effects for acquisitions and divestitures are consistent with a synergistic explanation for both forms of restructuring and are inconsistent with non-synergistic models based on entrenchment, empire building and hubris.
比较收购和剥离
我们研究了1990年至1999年期间来自59个行业的1,305家公司的收购和剥离活动。与20世纪90年代重组活动的重要性相一致,我们发现一半的样本公司被收购或从事重大剥离。与经济变化是观察到的重组活动的来源的概念一致,我们发现在收购和剥离中都有显著的行业集群。我们还研究了两种重组形式的公告效应,发现在20世纪90年代,收购和剥离都增加了股东财富。此外,收购和剥离的财富效应都与事件的相对规模直接相关。收购和剥离带来的对称的、积极的财富效应,与对两种重组形式的协同解释是一致的,与基于堑壕、帝国建设和傲慢的非协同模型是不一致的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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