The role of the seller’s stock performance in the market reaction to divestiture announcements
The role of the seller’s stock performance in the market reaction to divestiture announcements
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卖方股票表现在市场对剥离公告的反应中的作用
DOI：
10.1007/s12197-014-9289-z
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发表时间：
2014
影响因子：
--
通讯作者：
P. Nguyen
中科院分区：
文献类型：
--
作者：
P. Nguyen
资产剥离有可能创造股东价值。然而，市场反应的程度应取决于为剥离的资产找到更有价值的用途的可能性或卖方消除负面协同效应的能力。我们假设，业绩较好的公司相比，业绩不佳的公司有较小的空间来实现实质性的改善。使用卖方的股票回报率超过市场回报率在1年和2年期间之前的剥离公告，暴露剥离公司的低效利用其资产，我们发现，市场反应剥离公告是显着较高的表现不佳的公司。异常收益率的差异可能高达4%。与此相反，没有一个会计为基础的变量，已在以往的研究中被发现是显着相关的公告回报。这些结果表明，该公司的股票表现是一个更有用的指标与资产剥离的财富效应。
Divestitures have the potential to create shareholder value. However, the extent of the market reaction should depend on the likelihood of finding more valuable uses for the divested assets or the ability on the part of the seller to eliminate negative synergies. We hypothesize that strong performers have less scope to achieve substantial improvements compared to poorly performing firms. Using the seller’s stock return in excess of the market return in the 1-year and 2-year periods preceding the divestiture announcement to expose the divesting firm’s inefficient use of its assets, we show that the market reaction to divestiture announcements is significantly higher for underperforming firms. The difference in abnormal returns can be as high as 4 %. In contrast, none of the accounting-based variables that have been used in previous studies are found to be significantly related to the announcement returns. These results suggest that the firm’s stock performance is a more useful indicator of the wealth effect associated with divestitures.