Bookcover of Value creation from Corporate Restructuring
Booktitle:

Value creation from Corporate Restructuring

Wealth effects and value channels of European spin-offs over 1998-2007

LAP LAMBERT Academic Publishing (2010-10-15 )

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ISBN-13:

978-3-8433-6433-1

ISBN-10:
3843364338
EAN:
9783843364331
Book language:
English
Blurb/Shorttext:
This book describes the study on shareholder wealth effects of European spin-offs in the period 1998 until 2007. The results show that in 50% of all cases, shareholders of parent firms face positive wealth effects around the announcement date of a European spin-off. The results in this book show also that shareholders are not better off within one –and two years after a spin-off transaction since returns in excess of matching firms are strongly insignificant for parent, off-spring and pro-forma combined firms. Nevertheless, managers whose remuneration package is linked to the operating performance of the firm may benefit substantially from a spin-off transaction. Seven value channels through which shareholder wealth might be created in European spin-offs are examined: improvement of corporate focus, reduction of information asymmetry, improvement of geographical focus, impact of corporate governance, the relative size of the spin-off, the timing effect of spin-offs and the presence of a takeover threat prior to the spin-off announcement. This book provides modern insights about shareholder wealth effects in European spin-off transactions and announcements.
Publishing house:
LAP LAMBERT Academic Publishing
Website:
https://www.lap-publishing.com/
By (author) :
Jarl Zegers
Number of pages:
96
Published on:
2010-10-15
Stock:
Available
Category:
Economics
Price:
49.00 €
Keywords:
Spin-offs, Corporate Restructuring, Event Study, Long-run excess returns, Operating performance, value creation

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