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| Tekijä: | Jain, B.A. Kini, O. Shenoy, J. |
| Otsikko: | Vertical divestitures through equity carve-outs and spin-offs: A product markets perspective |
| Lehti: | Journal of Financial Economics
2011 : JUN, VOL. 100:3 p. 594-615 |
| Asiasana: | industries demand finance funds investments |
| Kieli: | eng |
| Tiivistelmä: | Using a product markets perspective to examine the decision to vertically disintegrate, it is found that vertical divestitures are more likely in response to positive industry demand shocks, favorable industry financing conditions, and lower parent firm relative productivity and are less likely when the potential for contracting problems is high. Conditional on vertical divestitures, equity carve-outs are more likely in environments in which relationship-specific investments are more prevalent and when the need for external funds is high, while spin-offs are more likely in larger industries and in industries that experience positive demand shocks. The examinations of announcement-period wealth effects and changes in operating performance suggest that vertical divestitures are motivated by efficiency considerations. |
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