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

Ma, Qing; Wang, Susheng

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Authors

QING MA QING.MA@NOTTINGHAM.AC.UK
Assistant Professor

Susheng Wang



Abstract

In a unified theory of forward-and backward-looking 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.

Citation

Ma, Q., & Wang, S. (2018). A unified theory of forward‐ and backward‐looking M&As and divestitures. European Financial Management, 24(3), 418-450. https://doi.org/10.1111/eufm.12131

Journal Article Type Article
Acceptance Date Feb 14, 2017
Online Publication Date Oct 5, 2017
Publication Date 2018-06
Deposit Date Jun 8, 2020
Publicly Available Date Mar 29, 2024
Journal European Financial Management
Print ISSN 1354-7798
Electronic ISSN 1468-036X
Publisher Wiley
Peer Reviewed Peer Reviewed
Volume 24
Issue 3
Pages 418-450
DOI https://doi.org/10.1111/eufm.12131
Keywords unified framework; forward looking; backward looking; M&A; divestiture JEL classification: G34
Public URL https://nottingham-repository.worktribe.com/output/4605487
Publisher URL https://onlinelibrary.wiley.com/doi/10.1111/eufm.12131
Additional Information This is the peer reviewed version of the following article: Ma, Q, Wang, S. A unified theory of forward‐ and backward‐looking M&As and divestitures. European Financial Management. 2018; 24: 418– 450. https://doi.org/10.1111/eufm.12131, which has been published in final form at https://doi.org/10.1111/eufm.12131. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions.

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