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| Tekijä: | D'Souza, J. Jacob, J. |
| Otsikko: | Why firms issue targeted stock |
| Lehti: | Journal of Financial Economics
2000 : JUN, VOL. 56:3, p. 459-483 |
| Asiasana: | Stock markets Diversification Companies Corporate structure USA |
| Vapaa asiasana: | Ownership structure |
| Kieli: | eng |
| Tiivistelmä: | The paper analyzes market reaction to targeted stock issuances and investigate possible motives for their use. There is found a statistically significant abnormal return of 3.61 % within a 3-day window around the announcement of proposed targeted stock issuances, possibly attributable to greater information on targeted stock segments as well as monitoring and motivational advantages. The paper finds lower tax-loss carry forwards among firms that issue targeted stock compared to those that spin off segments, suggesting that tax reasons motivate targeted stock use. The return and cash flows of targeted stocks are affected more by their common corporate affiliation, although industry influences remain strong. |
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