Which spin‐offs generate value and performance improvements?

摘要：

Using all completed spin‐offs in twelve European countries between 1989 and 2005 we show that spin‐off decisions are often triggered by firm’s governance earth‐quakes, such as an appointment of a new CEO or a takeover threat. Abnormal long‐run stock returns and operating performance are observed for spin‐off firms only, and mostly for internally‐grown business units and parent‐related (non‐focusing) subsidiaries. We find no evidence that post‐spin‐off mergers of either parents or subsidiaries enhance long‐term performance, or that focus‐increasing spin‐offs lead to efficiency improvements.

关键词： Spin‐offs Long‐run performance European corporate finance

作者: Dmitri Boreiko Maurizio Murgia

作者单位: Free University of Bolzano‐Bozen School of Economics and Management Bolzano‐Bozen, 39100, ITALY

会议类型: 国际会议

会议名称: 2009年中国金融国际年会

会议地点: 广州

会议语种:英文

页码: 1-46

在线出版日期: 2009-07-07（万方平台首次上网日期，不代表论文的发表时间）