Divestitures and the liquidity of the market for corporate assets
Divestitures and the liquidity of the market for corporate assets
复制标题
剥离和公司资产市场的流动性
DOI：
10.1016/s0304-405x(02)00073-9
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发表时间：
2002
影响因子：
8.9
通讯作者：
Ralph A. Walkling
中科院分区：
文献类型：
--
作者：
Frederik Schlingemann;René M. Stulz;Ralph A. Walkling
公司资产市场的流动性在解释公司是否剥离业务部门、公司剥离哪个部门以及剥离核心部门或无关部门方面发挥着重要作用。公司更有可能从企业资产流动性较高的行业剥离细分市场，即不相关的细分市场、表现不佳的细分市场和小细分市场。引人注目的是，市场流动性最差的细分市场被剥离的可能性低于表现最好的细分市场，而表现最差的细分市场被剥离的可能性低于市场流动性最高的细分市场。
The liquidity of the market for corporate assets plays an important role in explaining whether a firm divests a business segment, which segment the firm divests, and whether it divests a core segment or an unrelated segment. Firms are more likely to divest segments from industries with a more liquid market for corporate assets, unrelated segments, poorly performing segments, and small segments. Strikingly, the segment with the least liquid market is less likely to be divested than the best-performing segment, while the worst-performing segment is less likely to be divested than the segment with the most liquid market.