Do Spin-Offs Really Create Value? The European Case
Do Spin-Offs Really Create Value? The European Case
复制标题
分拆真的能创造价值吗？
DOI：
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发表时间：
2002
期刊：
影响因子：
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通讯作者：
Y. Veld
中科院分区：
文献类型：
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作者：
C. Veld;Y. Veld
我们研究的财富效应的样本161分拆从15个不同的欧洲国家，宣布1987年1月至2000年9月。三天事件窗口的累计平均异常收益率为2.35%。增加产业集中度的公司的平均异常收益率为2.89%，而非增加产业集中度的公司的平均异常收益率仅为1.20%。这些结果与以前对美国的研究一致。对于母公司和形式合并的公司，超过市场收益率的长期收益率都是显著负的。但是，如果我们通过创建匹配的投资组合来控制规模和账面市值效应，我们发现，无论是重点增加还是非重点增加的母公司、子公司和形式上的合并公司，长期超额收益都不显著。这一结果表明，与美国分拆不同，欧洲分拆与长期超额收益无关。
We study wealth effects for a sample of 161 spin-offs from 15 different European countries that were announced between January 1987 and September 2000. The cumulative average abnormal return over the three-day event window is 2.35%. The mean abnormal return is 2.89% for companies that increase their industrial focus and only 1.20% for non-focus increasing companies.These results are in line with previous studies for the United States.The long-run returns in excess of the market return are significantly negative for both parent and pro-forma combined firms.However, if we control for the size and book-to-market effects by creating a matching portfolio, we find mostly insignificant long-run excess returns both for focus-increasing and non-focus increasing parents, subsidiaries and pro-forma combined firms.This result suggests that, unlike U.S. spin-offs, European spin-offs are not associated with long-run outperformance.