Bustup Takeovers of Value-Destroying Diversified Firms
基于1986-1991年美国数据，发现多元化企业平均破坏约15%的独立业务价值，并探讨这种价值损失是否会引发外部收购以约束管理层。
Berger and Ofek (1995) confirm recent evidence by Lang and Stulz (1994) of a value loss from diversification in the 1980s, and use segment-level data to estimate the magnitude of the loss. They find that, during 1986-1991, the average diversified firm destroyed about 15% of the value its lines of business would have had if operated as stand-alone businesses. The evidence that diversification represented a suboptimal managerial strategy suggests that internal control systems do not prevent managers from destroying significant amounts of value. The value destruction does, however, generate large profit opportunities for outsiders. The natural question that arises is thus whether these profit opportunities results in takeovers disciplining the managements of firms with large and persistent value losses from diversification.