Beatrice: A Study in the Creation and Destruction of Value
追溯比阿特丽斯公司从1891年创立到被杠杆收购并分拆的历史，分析其收购、剥离、组织战略和治理对价值的影响，对组织理论、战略和公司金融研究者有参考价值。
ABSTRACT This paper chronicles the history of the Beatrice company from its founding in 1891 as a small creamery, through its growth by acquisition into a diversified consumer and industrial products firm, and its subsequent leveraged buyout and sell‐off. The paper analyzes the value consequences the firm's acquisition and divestiture policies, its organizational strategy, and its governance. The analysis sheds light on a number of issues in organization theory, strategy, and corporate finance, including the sources of value in diversifying aquisitions, the cost of over‐centralization and weak corporate governance, and the mechanisms of value creation in the market for corporate control.