This study provides insights about the motives for mergers and acquisitions (Mamp;As) as well as divestitures and the practices used to value targets during 1990-2001. The survey evidence shows that the primary motivation for Mamp;As is to achieve operating synergies while the top-ranked reason...

The typical discounted cash flow model used to value assets openly projects cash flows for an initial set of years and then typically assumes that the cash flows will grow at a constant rate into the indefinite future. In this paper, we discuss the implications for valuation and the discount...

This study provides novel evidence that the outcome from REIT sales of office and apartment property is signaled in the transaction price managers accept relative to the fundamental value. The identification strategy recognizes opportunistic sales as sold at prices above fundamental value....