haku: @author Datta, S. / yhteensä: 13
viite: 6 / 13
| Tekijä: | Datta, S. Iskandar-Datta, M. E. |
| Otsikko: | Who gains from corporate asset sales |
| Lehti: | Journal of Financial Research
1996 : SPRING, VOL. 19:1, p. 41-58 |
| Asiasana: | BOND MARKETS ASSETS STOCK OWNERSHIP |
| Kieli: | eng |
| Tiivistelmä: | This study documents that sell-offs, on average, are firm value enhancing, as both stockholders and both bondholders gain from such transactions. Further, it reveals that sell-offs can be wealth redistributing, value destroying, or value enhancing depending on the way the sale proceeds are distributed and the motive underlying the sell-off. The wealth effects on stockholders and bondholders are not always symmetrical. Our results suggest that benefits from the sale of assets that do not strategically fit the firm's core business accure primarily to stockholders, while benefits from distress-related sell-offs accure to bondholders. Sell-offs to thwart takeovers destroy firm value. |
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