haku: @author Lee, E. / yhteensä: 9
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| Tekijä: | Lee, E. Lin, S. |
| Otsikko: | Corporate sell-offs in the UK: Use of proceeds, financial distress and long-run impact on shareholder wealth |
| Lehti: | European Financial Management
2008 : MAR, VOL. 14:2, p. 222-242 |
| Asiasana: | United Kingdom company performance finance debt shareholders |
| Vapaa asiasana: | acquisitions |
| Kieli: | eng |
| Tiivistelmä: | This paper explores the long-run (henceforth as: l-r.) return performance following U.K. corporate sell-off (as: s-o.) announcements. There are found significant negative abnormal (as: a-l.) returns (as: ret/s.) up to five years subsequent to s-o. announcements. The finding is robust to various specifications, irrespective of the intended use of proceeds. Moreover, there is also found a significantly positive association btw. l-r. a-l. ret/s. and the magnitude of cash proceeds for sellers reducing corporate debt as well as for sellers with deeper financial distress or higher growth prospects. Overall, it is found that U.K. corporate s-o. are associated with declines in subsequent shareholder wealth. |
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