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| Tekijä: | Gertner, R. Powers, E. Scharfstein, D. |
| Otsikko: | Learning about internal capital markets from corporate spin-offs |
| Lehti: | Journal of Finance
2002 : DEC, VOL. 57:6, p. 2479-2506 |
| Asiasana: | Corporate finance Spin-offs Financial models |
| Kieli: | eng |
| Tiivistelmä: | The authors examine the investment behaviour of firms before and after being spun off from their parent companies. The investment after the spin-off is significantly more sensitive to measures of investment opportunities (e.g., industry Tobin's Q or industry investment) than it is before the spin-off. Spin-offs tend to cut investment in low Q industries and increase investment in high Q industries. These changes are observed primariliy in spin-offs of firms in industries unrelated to the parents' industries and in spin-offs where the stock market reacts favorably to the spin-off announcement. The findings suggest that spin-offs may improve the allocation of capital. |
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