ALIs

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LINUX Cluster Project

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Institution

  • Name: Ludwig-Maximilians-Universität München - Institut für Kapitalmärkte und Finanzwirtschaft
  • Address: Schackstraße 4, 80539 München
  • Project Proposal Date: 2017-01-30 17:27:02

Abstract:

For decades, academics and practitioners have noted that many mergers & acquisitions (M&A) fail to create the promised value. In their seminal study published in the Journal of Finance 25 years ago, Kaplan and Weisbach (1992) analyze the success of acquisitions by examining their subsequent divestments. They report that a significant amount of such reversed deals can be classified as failures. Coining the term “corporate divorces,” i.e., divestments of previously acquired companies, we will conduct an in-depth economic analysis of this phenomenon. Identifying “corporate divorces” on a large scale is empirically complex, so we will employ computerized textual analysis to counteract biases in the resulting database. The resulting sample will be the most comprehensive database compiled so far involving corporate divorces, which may potentially be used for multiple research papers, including predictions about cultural clashes and learning by experiences.