Bustup Takeovers of Value‐Destroying Diversified Firms
研究多元化企业的价值损失如何影响其被收购和分拆的概率，发现价值损失越大的企业越可能被收购，且被杠杆收购后更可能被分拆。
ABSTRACT We examine whether the value loss from diversification affects takeover and breakup probabilities. We estimate diversification's value effect by imputing stand‐alone values for individual business segments and find that firms with greater value losses are more likely to be taken over. Moreover, those acquired firms whose losses are greatest are most likely to be bought by LBO associations, which frequently break up their targets. For a subsample of large diversified targets: (1) higher value losses increase the extent of post‐takeover bustup; and (2) post‐takeover bustup generally results in divested divisions being operated as part of a focused, stand‐alone firm.