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Spinoffs and information
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AI
DOI：10.1006/jfin.1997.0212.png)
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En 中文
We present an information-based explanation for spinoffs. When the various divisions of a firm are spun off into several firms that have separate stock market listings, the number of traded securities increases. This mal:es the price system more informative. It improves the quality of the investment decisions made by managers and reduces uninformed investors' uncertainty about the value of the divisions. Both effects serve to increase the sum total of the market values of the spun-off divisions above the market value of the original firm. (C) 1997 Academic Press.
Keyword:
EQUITY CARVE-OUTS
SHAREHOLDER WEALTH
OFF ANNOUNCEMENTS
ASSET SALES
MARKETS
AGENCY
COMPETITION
SECURITIES
FUTURES
DESIGN
期刊
IF:
3.7
论文数:
777
被引数:
3.2K
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