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| Tekijä: | Parrino, R. |
| Otsikko: | Spinoffs and wealth transfers: The Marriott case |
| Lehti: | Journal of Financial Economics
1997 : FEB, VOL. 43:2, p. 241-274 |
| Asiasana: | FINANCIAL POLICY STRUCTURAL CHANGE AGENCIES COSTS CASE STUDIES |
| Kieli: | eng |
| Tiivistelmä: | The paper examines changes in shareholder and bondholder wealth resulting from the 1993 Marriott spin-off. It documents a wealth transfer from bondholders to shareholders and a decline in the total value of the firm following the spinoff announcement. Subsequent modifications to the spin-off plan reduced the bondholders' loss. The value of Marriott's debentures and notes, however, remained USD 194.6 million below their pre-announcement level on the distribution date. Industry-adjusted shareholder gains during the same period were only USD 80.6 million. Transaction costs and inefficiencies resulting from the spin-off explain much of the decline in the total value of the firm. |
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