دانلود مقاله ISI انگلیسی شماره 50991
عنوان فارسی مقاله

تحریم شرکت: اسپین آف در مقابل فروش آف

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
50991 2015 25 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Corporate divestitures: Spin-offs vs. sell-offs
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Corporate Finance, Volume 34, October 2015, Pages 83–107

کلمات کلیدی
تحریم شرکت های بزرگ - اسپین آف - فروش آف دارایی - تجدید ساختار شرکت ها
پیش نمایش مقاله
پیش نمایش مقاله تحریم شرکت: اسپین آف در مقابل فروش آف

چکیده انگلیسی

We investigate the determinants of the choice between two forms of corporate divestitures—spin-offs versus sell-offs. We hypothesize that the choice is driven by the pre-divestiture market valuation of divesting firms relative to their intrinsic value, the pre-divestiture performance of the assets being divested relative to their full potential, and the prevailing degree of investor optimism or pessimism about the market at the time of divestiture. Our hypotheses generate testable predictions regarding the announcement effects of divestitures and the post-divestiture operating performance of divesting firms. Our empirical findings using a sample of 378 spin-offs and 4192 sell-offs from 1980 to 2011 are as follows. First, firms with lower market valuations relative to their intrinsic value are more likely to spin off their assets. Second, assets which underperform relative to their full potential are more likely to be sold off. Third, spin-offs are more likely during periods of investor optimism. Fourth, spin-offs are associated with more positive announcement effects than sell-offs. Finally, firms which sell off their assets exhibit better post-divesture long-term operating and stock return performance compared to those which spin off their assets.

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