The Success of Acquisitions: Evidence from Divestitures
研究1971-1982年间大型收购样本，发现到1989年底收购方剥离了近44%的目标公司，其中34%-50%的剥离被视为不成功，且不成功剥离的收购公告回报显著更低。
ABSTRACT This paper studies a sample of large acquisitions completed between 1971 and 1982. By the end of 1989, acquirers have divested almost 44% of the target companies. We characterize the ex post success of the divested acquisitions and consider 34% to 50% of classified divestitures as unsuccessful. Acquirer returns and total (acquirer and target) returns at the acquisition announcement are significantly lower for unsuccessful divestitures than for successful divestitures and acquisitions not divested. Although diversifying acquisitions are almost four times more likely to be divested than related acquisitions, we do not find strong evidence that diversifying acquisitions are less successful than related ones.