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Essays On Horizontal Divestitures And Product Market Relationships, Norkeith Ervin Smith
Essays On Horizontal Divestitures And Product Market Relationships, Norkeith Ervin Smith
Wayne State University Dissertations
This dissertation is the first to study the product effect of horizontal divestitures on upstream and downstream firms. This first essay examines product market impact of a sample of horizontal asset sales from 1988 to 2005 on corporate customers, suppliers, and industry rivals. I create a sample of firms that classifies corporate customers, suppliers, and industry competitors of firms proposing horizontal asset sales, and employ this data set to investigate the wealth effects at announcement. This study also considers post-divestiture changes in abnormal operating performance for divesting firms, customers, and suppliers.
I document evidence that divestiture related wealth effects for …