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| Author: | Desai, H. Jain, P. C. |
| Title: | Firm performance and focus: long-run stock market performance following spinoffs |
| Journal: | Journal of Financial Economics
1999 : OCT, VOL. 54:1, p. 75-101 |
| Index terms: | Company performance Stock markets USA |
| Freeterms: | Spinoff Divestiture |
| Language: | eng |
| Abstract: | In the paper, it is examined whether an increase in focus is an explanation for the stock market gains associated with spinoffs. For a sample of 155 spinoffs btw. the years 1975 and 1991, it is found that the announcement period as well the long-run abnormal returns for the focus-increasing spinoffs are significantly larger than the corresponding abnormal returns for the non-focus-increasing spinoffs. |
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