Strategic corporate transactions, including mergers and acquisitions (M&A) to joint ventures, alliances, leveraged buyouts (LBOs) and divestitures, are vital strategies for corporate growth, restructuring and innovation. These decisions can substantially influence firm value, reshape industry dynamics and alter stakeholder outcomes across financial, operational and social dimensions. As such, a well-developed academic literature studies the valuation impact and long-term performance consequences of such transactions.
The literature on corporate restructuring has evolved substantially over the past four decades, starting with earlier studies such as Jensen and Ruback (1983), who documented wealth gains to target shareholders in takeovers, and Bradley et al...
