Spin-offs: Enjeux comptables et financiers à travers la littérature

Patrick Navatte and Guillaume Schier

ACCRA, 2017, vol. 23, issue 1, 97-125

Abstract: Spin-offs involve a separation of part of the initiator?s business, and appear to have multiple motivations from an accounting and financial point of view. The parent company separates from one of its divisions, whose stock is then listed on the market. The parent company may take the opportunity to meticulously prepare the flotation by managing the pre-transaction earnings of the spun-off firm. It may also use the transaction as a management tool to reduce its diversification discount on the market, or as a means of value creation. In addition to assessing the existing accounting and financial literature on spin-offs, this paper proposes a general model that offers an integrated vision of the spin-off process, which is necessary but currently lacking from existing research.

Keywords: spin-off; earnings management; fair value; corporate refocusing; real earnings management; event studies; corporate governance (search for similar items in EconPapers)
Date: 2017
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