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A unified theory of forward- and backward-looking M&As and divestitures

Author:
Ma, Qing  Wang, Susheng  


Journal:
EUROPEAN FINANCIAL MANAGEMENT


Issue Date:
2018


Abstract(summary):

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.


Page:
418---450


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