Название:
Автор:
Жанр:
Серия:
Издательство:
Desai, Jain (1999)
Unless otherwise noted, event date is announcement date of transaction.
*Significant at the 0.99 level or better.
†Significant at the 0.90 level.
‡Significant at the 0.95 level.
EXHIBIT 6.18 Summary of Studies of Market Returns to Parent and Subsidiary Shareholders at Carve-Outs
| Panel A: Returns to Shareholders of Parent | |||||
|---|---|---|---|---|---|
| Study | Cumulative Abnormal Returns at the Event | Cumulative Abnormal Returns after the Event | Sample Size | Sample Period | Notes |
| Vijh (2002) | +1.94%* full sample +4.92%* sub is large +1.19%* sub is small (days –1,+1) | 336 | 1980–1997 | Tests reject the asymmetric information hypothesis and support the divestiture gains hypothesis. | |
| Hurlburt, Miles, Wool ridge (2002) | +1.92%* full sample +2.10%* cross-industry –0.39% own industry | 185 153 30 | 1981–1994 | Finds negative effect of carve-out announcement on rival firms. | |
| Hogan, Olsen (2002) | +11.42% carve-outs +16.53% IPOs matched (day 0) | 219 | 1991–2000 | Carve-out returns are lower than returns in a matched sample of IPOs at offering. | |
| Schill, Zhou (2001) | +11.3%† (days –1,+1) | 11 | 2000 | Focus on carve-outs of Internet subsidiaries. | |
| Haushalter, Mikkelson (2001) | +3.39%* full sample (days –2,+2) | 13 | 1994–1996 | ||
| Hulburt, Miles, Wool ridge (2000) | +1.9%* (days –1,0) | 185 | 1981–1994 | ||
| Vijh (2000) | + 1.94%* full sample +2.25%* sub nor related industry +0.80% sub is related (days –1,+1) | 336 221 100 | 1980–1997 | ||
| Prezas, Tarimcilar, Vasudevan (2000) | +5.83%* (day 0) | 7.61%* (6 mos.) 11.75%* (1 yr.) 21.07%* (3 yrs.) | 237 | 1986–1995 | Carve-out returns are lower than returns in a matched sample of IPOs at offering and over the postoffering time periods. |
| Allen (1998) | +33.2% HPR (0,12 months) +229.3% HPR (0,60) Holding period returns adjusted for industry returns | 1 | 1983–1995 | Clinical study of 11 carve-outs by Thermo Electric | |
| Allen, McConnell (1998) | +2.12%* full sample +6.63%* proceeds paid out –0.01% proceeds are retained (days –1,+ 1) | 186 54 60 | 1978–1993 | ||
| Slovin, Sushka, Ferraro (1995) | +1.2%‡(days –l,0) | 32 | 1982–1991 | ||
| Klein, Rosenfeld, Beranek (1991) | +2.75%* full sample | 52 | 1966–1980 | ||
| Schipper, Smith (1986) | +1.83%‡ subsidiary –3.5%* parent (days –4,0) | –0.5% subsidiary –1.40% parent (days +1,+40) | 76 | 1965–1983 | |
| Chemmanur, Paeglis (2001) | +1.96%‡ (days –1,+1) |
