Die langfristige Wertentwicklung von Equity Carve-outs – Aktuelle empirische Evidenz für Westeuropa

Christian Klein, Dirk Schiereck and Thai Ton

Die Unternehmung - Swiss Journal of Business Research and Practice, 2018, vol. 72, issue 3, 197-211

Abstract: Equity carve-outs (ECOs) have increasingly gained importance in Europe. Our study examines 52 equity carve-outs between 2005 to 2013 and evaluates their long-term performance compared to the market and comparable firms over an investment period of three years. Calculating buy-and-hold abnormal returns (BHAR) and applying the calendar-time portfolio method (CTIME), we measure a significant outperformance for the ECO sample after 12 months. Comparisons with initial public offerings, using a matched portfolio, show a significant abnormal return of 17% after 12 months. The hypothesis that ECOs show an average positive performance in the long-term finds support in our study. The superior performance of ECOs compared to IPOs remains also for longer time periods.

Date: 2018
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DOI: 10.5771/0042-059X-2018-3-197

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Die Unternehmung - Swiss Journal of Business Research and Practice is currently edited by Prof. Dr. Artur Baldauf, Universität Bern, Prof. Dr. Manfred Bruhn, Universität Basel, Prof. Dr. Pascal Gantenbein, Universität Basel (geschäftsführend), Prof. Dr. Markus Gmür, Universität Fribourg, Prof. Dr. Klaus Möller, Universität St. Gallen, Prof. Dr. Günter Müller-Stewens, Universität St. Gallen, Prof. Dr. Dr. h.c. Margit Osterloh, Universität Zürich, Prof. Dr. Dieter Pfaff, Universität Zürich and Prof. Dr. Martin Wallmeier, Universität Fribourg

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