Corporate Acquisitions, Diversification, and the Firm's Life Cycle
研究发现年轻公司比成熟公司进行更多相关和多元化收购，但收购率随生命周期呈U形；收购非上市公司能创造价值，而收购上市公司时老公司股价反应负面。
ABSTRACT Agency theories predict that older firms make value‐destroying acquisitions to benefit managers. Neoclassical theories predict instead that such firms make wealth‐increasing acquisitions to exploit underutilized assets. Using IPO cohorts, we establish that, while younger firms make more related and diversifying acquisitions than mature firms, the acquisition rate follows a U‐shape over firms’ life cycle. Consistent with neoclassical theories, we show that acquiring firms have better performance and growth opportunities and create wealth through acquisitions of nonpublic firms throughout their life. Consistent with agency theories, older firms experience negative stock price reactions for acquisitions of public firms.