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| Tekijä: | Chemmanur, T. J. Yan, A. |
| Otsikko: | A theory of corporate spin-offs |
| Lehti: | Journal of Financial Economics
2004 : MAY, VOL. 72:2, p. 259-290 |
| Asiasana: | Company control Mergers Restructuring Spin-offs |
| Kieli: | eng |
| Tiivistelmä: | 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. |
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