A unified theory of forward‐ and backward‐looking M&As and divestitures
构建了一个两期模型，分析企业在前瞻性和回顾性视角下的并购与剥离决策，揭示二者互为因果的动态关系，对理解企业重组行为有参考价值。
Abstract In a unified theory of forward‐ and backward‐looking mergers and acquisitions (M&As) and divestitures, an M&A today may be a cause for a divestiture in the future; conversely a divestiture today may be a consequence of an M&A in the past. M&As and divestitures are not only two sides of the same coin, they are also causes and consequences of each other. In this paper, in a two‐period model, two firms consider integrating or separating in each period. We analyze forward‐ and backward‐looking M&As and divestitures, and compare them with static M&As and divestitures.