search query: @author Guedes, J. / total: 4
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| Author: | Guedes, J. Parayre, R. |
| Title: | Managerial reputation and divisional sell-offs: A model and empirical test |
| Journal: | Journal of Banking and Finance
1997 : AUG, Vol. 21:8, p. 1085-1106 |
| Index terms: | MANAGERIAL ACTIVITIES SHARE PRICES DIVISIONALISED COMPANIES |
| Language: | eng |
| Abstract: | This paper presents a reputation model of divestiture activity that yields a sharp cross-sectional implication for event studies of sell-off announcements: A decision to divest a division that is known to be successful conveys good news about the division; in contrast, a decision to divest a division that is known for underperformance conveys no news about the division. We test these hypotheses on a sample of sell-off announcements for which we find stories in the Wall Street Journal unambiguously characterizing the division being sold as either a "winner" or a "loser". |
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