Unternehmensspaltung — Motive und Aktienmarktreaktionen

Rolf Bühner
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Rolf Bühner: Universität Passau

Schmalenbach Journal of Business Research, 1998, vol. 50, issue 9, 809-840

Abstract: Summary A new German Company Reorganization Act (Umwandlungsgesetz 1995) favours restructuring by spin-offs and sell-offs. Referring to the theory of incomplete contracts the paper deals with the conditions under which these kinds of restructuring make economic sense. It is argued that costs of organizational failures and of market control are responsible for abnormal market return effects. Empirical evidence is delivered by an international sample of spin-offs and sell-offs as well as the prominent spin-off case of AT&T.

Date: 1998
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DOI: 10.1007/BF03371534

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