The sources of spinoff equity gains: takeover premiums or operating gains
Autor(a) principal: | |
---|---|
Data de Publicação: | 1996 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/12338 |
Resumo: | Although the existence of spinoff equity gains is well documented, their source remains controversial. Arnong many potential causes, the literature suggests that spinoff equity gains could arise from expected tax benefits, expected takeover premia, operating performance improvement or from refocusing benefits. This paper investigates the link between spinoff announcement and post completion equity gains and post spinoff operating performance changes, takeover activity and refocusing benefits. The results indicate that spinoff announcement retums reflect anticipated takeover premiums as well as expected operating performance gains and refocusing benefits unrelated to operating performance. However, only the parent's operating performance gains are anticipated at the spinoff announcement. We find that post spinoff equity gains are driven mostly by operating performance changes for both parents and spun off subsidiaries. Takeover activity and unrelatedness of business lines between parent and subsidiary expIain littIe of post spinoff equity gains. OveralI, the data suggests that spinoffs equity gains mostly reflect anticipated real economic gains in terms of improved operating performance, and to a lesser extent takeover premium and refocusing benefit. |
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Silberman, MarcusEscolas::EPGEFGV2014-11-07T10:39:01Z2014-11-07T10:39:01Z1996-05-16http://hdl.handle.net/10438/12338Although the existence of spinoff equity gains is well documented, their source remains controversial. Arnong many potential causes, the literature suggests that spinoff equity gains could arise from expected tax benefits, expected takeover premia, operating performance improvement or from refocusing benefits. This paper investigates the link between spinoff announcement and post completion equity gains and post spinoff operating performance changes, takeover activity and refocusing benefits. The results indicate that spinoff announcement retums reflect anticipated takeover premiums as well as expected operating performance gains and refocusing benefits unrelated to operating performance. However, only the parent's operating performance gains are anticipated at the spinoff announcement. We find that post spinoff equity gains are driven mostly by operating performance changes for both parents and spun off subsidiaries. Takeover activity and unrelatedness of business lines between parent and subsidiary expIain littIe of post spinoff equity gains. OveralI, the data suggests that spinoffs equity gains mostly reflect anticipated real economic gains in terms of improved operating performance, and to a lesser extent takeover premium and refocusing benefit.engEscola de Pós-Graduação em Economia da FGVSeminários de pesquisa econômica da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessThe sources of spinoff equity gains: takeover premiums or operating gainsinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaSociedades comerciais - Finançasreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000322370.pdf000322370.pdfapplication/pdf1116051https://repositorio.fgv.br/bitstreams/a4c254dc-758d-4e81-a846-ad760c49cb04/downloadbb7bbf54dffd84b691010a24a8f475e6MD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/05f00d73-05ff-4ad7-bbfa-08d908f83106/downloaddfb340242cced38a6cca06c627998fa1MD52TEXT000322370.pdf.txt000322370.pdf.txtExtracted 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dc.title.eng.fl_str_mv |
The sources of spinoff equity gains: takeover premiums or operating gains |
title |
The sources of spinoff equity gains: takeover premiums or operating gains |
spellingShingle |
The sources of spinoff equity gains: takeover premiums or operating gains Silberman, Marcus Economia Sociedades comerciais - Finanças |
title_short |
The sources of spinoff equity gains: takeover premiums or operating gains |
title_full |
The sources of spinoff equity gains: takeover premiums or operating gains |
title_fullStr |
The sources of spinoff equity gains: takeover premiums or operating gains |
title_full_unstemmed |
The sources of spinoff equity gains: takeover premiums or operating gains |
title_sort |
The sources of spinoff equity gains: takeover premiums or operating gains |
author |
Silberman, Marcus |
author_facet |
Silberman, Marcus |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Silberman, Marcus |
dc.subject.area.por.fl_str_mv |
Economia |
topic |
Economia Sociedades comerciais - Finanças |
dc.subject.bibliodata.por.fl_str_mv |
Sociedades comerciais - Finanças |
description |
Although the existence of spinoff equity gains is well documented, their source remains controversial. Arnong many potential causes, the literature suggests that spinoff equity gains could arise from expected tax benefits, expected takeover premia, operating performance improvement or from refocusing benefits. This paper investigates the link between spinoff announcement and post completion equity gains and post spinoff operating performance changes, takeover activity and refocusing benefits. The results indicate that spinoff announcement retums reflect anticipated takeover premiums as well as expected operating performance gains and refocusing benefits unrelated to operating performance. However, only the parent's operating performance gains are anticipated at the spinoff announcement. We find that post spinoff equity gains are driven mostly by operating performance changes for both parents and spun off subsidiaries. Takeover activity and unrelatedness of business lines between parent and subsidiary expIain littIe of post spinoff equity gains. OveralI, the data suggests that spinoffs equity gains mostly reflect anticipated real economic gains in terms of improved operating performance, and to a lesser extent takeover premium and refocusing benefit. |
publishDate |
1996 |
dc.date.issued.fl_str_mv |
1996-05-16 |
dc.date.accessioned.fl_str_mv |
2014-11-07T10:39:01Z |
dc.date.available.fl_str_mv |
2014-11-07T10:39:01Z |
dc.type.status.fl_str_mv |
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dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
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article |
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http://hdl.handle.net/10438/12338 |
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http://hdl.handle.net/10438/12338 |
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eng |
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eng |
dc.relation.ispartofseries.por.fl_str_mv |
Seminários de pesquisa econômica da EPGE |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
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reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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FGV |
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