A COMPARISON OF THE INFORMATION CONVEYED BY EQUITY CARVE-OUTS, SPIN-OFFS, AND ASSET SELL-OFFS

• 成果类型: Article
• 署名作者: SLOVIN, MB; SUSHKA, ME; FERRARO, SR
• 署名单位: Arizona State University; Arizona State University-Tempe; Louisiana State University System; Louisiana State University; Pepperdine University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/0304-405X(94)00796-4
• 发表日期: 1995
• 页码: 89-104
• 关键词: EQUITY CARVE-OUTS; spin-offs; SELL-OFFS; Restructuring; Divestitures

摘要

We examine valuation effects on firms in the same industry as entities that are the subject of carve-outs (initial public offerings of subsidiary equity), spin-offs, and asset sell-offs. Share price reactions for rivals are negative in response to equity carve-outs. In comparison, rival stock returns are positive for spin-offs and normal for asset sell-offs, restructuring actions that do not entail a public offering of equity. Our results suggest managers conduct equity carve-outs when outside investors are likely to price the new shares higher than managers' perceived value.