search query: @author Owers, J. E. / total: 5
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| Author: | Hite, G. L. Owers, J. E. Rogers, R. C. |
| Title: | The market for interfirm asset sales. Partial sell-offs and total liquidations. |
| Journal: | Journal of Financial Economics
1987 : JUN, VOL. 18:2, p. 229-252 |
| Index terms: | ASSET VALUATION ASSETS SALES LIQUIDATION |
| Language: | eng |
| Abstract: | The valuation consequences of voluntary proposals are investigated to sell part or all of a corporation's assets. For partial sell-offs, successful sellers and buyers reap statistically significant abnormal returns of 1.66% and 0.83% respectively. Unsuccessful sellers realize gains at the bid announcement of 1.41% that are lost at the offer termination. In contrast, proposals to liquidate the firm are associated with significant average abnormal returns of 12.24%. These results are interpreted as evidence that asset sales are associated with the movement of resources to higher-valued uses. |
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