haku: @author Christensen, D. G. / yhteensä: 1
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| Tekijä: | Moore, W. T. Christensen, D. G. Roenfeldt, R. L. |
| Otsikko: | Equity valuation effects of forming master limited partnerships |
| Lehti: | Journal of Financial Economics
1989 : SEP, VOL. 24:1, p. 107-124 |
| Asiasana: | EQUITY CAPITAL ASSET VALUATION CASH FLOW TAX ALLOWANCES BUSINESS INFORMATION |
| Kieli: | eng |
| Tiivistelmä: | Equity valuation effects of decisions by corporations to shift assets to master limited partnerships (MLPs) are examined for the period 1982-1987. Positive average abnormal returns are found for total conversions of corporations to MLPs, rollouts of subsets of assets by distribution of MLP equity claims to parent-firm shareholders, and rollouts of subsets of assets by public sale of MLP equity claims. The positive effects are consistent with tax advantages, reduction in free cash flow, and information signaling. |
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