haku: @author Allen, J. W. / yhteensä: 3
viite: 2 / 3
| Tekijä: | Allen, J. W. |
| Otsikko: | Capital markets and corporate structure: the equity carve-outs of Thermo Electron. |
| Lehti: | Journal of Financial Economics
1998 : APR, VOL. 48:1, p. 99-134 |
| Asiasana: | CAPITAL MARKETS CORPORATE STRUCTURE INCENTIVES INVESTMENT INCENTIVES |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the innovative corporate structure of Thermo Electron Corporation which holds controlling interests in 11 units taken public in equity carve-outs. Carve-outs subject units of the company to the scrutiny of the capital markets, allow the compensation contracts of unit managers to be based on market performance, and shift capital aquisition and investment decisions from centralized control to unit managers. Thermo carve-outs substantially increase capital and R&D expenditure following carve-outs and generate significant value from their capital investments. Since the first carve-out in 1983, gains to shareholders have been substantially greater than industry and market benchmarks. |
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