Economic consequences of announcing strategic alternatives: A voluntary disclosure's benefits and costs
研究公司公开宣布寻求出售或合并的收益与成本，发现公告增加市场关注并改善并购流程，但也疏远利益相关者并增加业务中断风险，净估值效应取决于公司是否被收购。
Abstract This study examines the benefits and costs to a company of publicly announcing that it is seeking a potential sale or merger. I find that the announcement leads to increased market attention and a more robust merger and acquisition sales process—the benefits of improved transparency. However, I also find evidence of the announcement alienating stakeholders and increasing business disruption—the costs of credible disclosure. I document the countervailing valuation effects of these benefits and costs, where the net valuation effect depends on whether the company is subsequently acquired. This research is important because it (1) demonstrates the disclosure's impact on the company through multiple channels, (2) estimates the valuation effects, and (3) identifies key considerations for investors and other stakeholders who bear the consequences of such a disclosure.