 |
Journal articles
Learning the wealth effects from equity carve-outs
Abstract : We investigate how the market can provide early signals about the eventual effects of an equity carve-out on the wealth of parent firm shareholders. Using a sample of equity carve-outs from 1985–2015, we show that most wealth information regarding the IPO valuation of a subsidiary is observable in the share returns of the parent firm during the book-building period. Our study therefore adds timing and process understanding to existing studies showing a wealth impact of equity carve-outs on parent company shareholders.
https://hal-rennes-sb.archives-ouvertes.fr/hal-03004469
Contributor : Steven Gouin Connect in order to contact the contributor
Submitted on : Friday, November 13, 2020 - 4:20:08 PM
Last modification on : Saturday, November 14, 2020 - 3:02:07 AM
Contributor : Steven Gouin Connect in order to contact the contributor
Submitted on : Friday, November 13, 2020 - 4:20:08 PM
Last modification on : Saturday, November 14, 2020 - 3:02:07 AM