search query: @author Yan, A. / total: 6
reference: 2 / 6
| Author: | Chemmanur, T. J. Yan, A. |
| Title: | A theory of corporate spin-offs |
| Journal: | Journal of Financial Economics
2004 : MAY, VOL. 72:2, p. 259-290 |
| Index terms: | Company control Mergers Restructuring Spin-offs |
| Language: | eng |
| Abstract: | The authors develop a new rationale for corporate spin-offs based on corporate control considerations. The article shows that a spin-off motivates the incumbent to work harder at managing a firm, or to relinquish control of one of the firms resulting from the spin-off. The article also shows that spin-offs will be associated with positive announcement effects and increases in long-term operating performance. Further, certain categories of spin-offs will exhibit positive abnormal stock returns. |
SCIMA