A Theory of Takeovers and Disinvestment
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We present a real-options model of takeovers and disinvestment in declining industries. As product demand declines, a first-best closure level is reached, where overall value is maximized by shutting down the.rm and releasing its capital to investors. Absent takeovers, managers of unlevered firms
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美国国家经济研究局创建时间：
2005-01-01
