Название:
Автор:
Жанр:
Серия:
Издательство:
lack of transparency for investors to monitor the managers. Krisnaswami and Subramaniam (1999) find that firms undertaking spin-offs have higher levels of information asymmetry and that these problems decrease after the spin-offs. Best, Best, and Agapos (1998) find that securities analysts significantly increase their short-term earnings forecasts after spin-offs. Daley, Mehrotra, and Sivakumar (1997) find significant value creation around cross-industry spin-offs (rather than same-industry spin-offs). Vijh (2000) reports higher carve-out returns when the subsidiary is in a different two-digit SIC code from the parent. Veld and Veld-Merkoulova (2002) report significantly higher returns at spin-offs that are focus-increasing.
EXHIBIT 6.17 Summary of Studies of Market Returns to Parent and Subsidiary Shareholders at Spin-Offs
| Panel A: Returns to Shareholders of Parent | ||||
|---|---|---|---|---|
| Study | Cumulative Abnormal Returns at the Event | Cumulative Abnormal Returns after the Event | Sample Size | Sample Periods |
| Davis, Leblond (2002) | +2.92%* full sample +2.14%* industrial +3.87%* high tech (days –1,0) | 93 | 1980–1999 | |
| Veld, Veld-Meruklova (2002) | +2.66%* full sample +2.41% U.K. subsample +3.57% focus-increasing +0.76% not focus-increasing (days –1,+1) | –0.41% full sample +5.20% focus-increasing –12.96%* not focus-increasing (months 0,+36) | 200 | 1987–2000 |
| Chemmanur, Paeglis (2001) | +2.11%†(days –1,+1) | 19 | 1984–1998 | |
| McNeil, Moore (2001) | + 3.53%* full sample +4.05%* unrelated +2.39%‡ related (days –1,+1) | 152 104 48 | 1980–1996 | |
| Desai, Jain (1999) | + 3.8% | +25.4% (3 yrs.) | 155 | 1975–1991 |
| Krishnaswami, Subramaniam (1999) | +3.28%* full sample (days –1,+1) | 118 | 1979–1993 | |
| Arbanell, Bushee, Raede (1998) | + 3.23% return to parents –0.86% return to spin-off (days –1,+60) | 245 | 1980–1996 | |
| Best, Best, Agapos (1998) | +3.41%*announcement date +2.9g4%* ex-date (day 0) | 72 63 | 1979–1993 | |
| Daley, Mehrotra, Sivakumar (1997) | +3.4%* full sample +4.3%* focus-increasing +1.4% not focus-increasing | 85 | 1975–1991 | |
| Parrino (1997) Clinical study of one spin-off by Marriott Corporation | +13.19% announcement date +41.12% five event dates | 1 | 1993 | |
| Johnson, Klein, Thibodeaux (1996) | +3.96%* full sample +5.42%* “back to basic” subsample | N/A | 104 | 1975–1988 |
| Slovin, Sushka, Ferraro (1995) | +1.3% | N/A | 37 | 1980–1991 |
| Cusatis, Miles, Woolridge (1993) | N/A | +12.5%‡ (1 yr.) +26.7%‡ (2 yrs.) +18.1% (3 yrs.) | 146 | 1965–1988 |
| Vijh (1994) | +2.9%‡ annct. date +0.79% completion date +3.03%‡ ex-date | 113 | 1964–1990 | |
| Rosenfeld (1984) | +5.56%* full sample | 35 | 1963–1981 | |
| Schipper, Smith (1983) | +2.8% | N/A | 93 | 1963–1981 |
| Hite, Owers (1983) | +3.3% | +7.0% (5 mos.) | 123 | 1963–1981 |
| Miles, Rosenfeld (1983) | +3.34%* full sample (days –1,0) | 22.9% (9 mos.) | 55 | 1963–1980 |
|
Panel B: Returns to Shareholders of Subsidiary
| ||||
