Aktienmarktreaktionen auf die Ankündigungen von Spin-offs und Sell-offs

Rolf Bühner () and Jörg Digmayer ()
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Rolf Bühner: Universität Passau
Jörg Digmayer: Sparkassen Network Consulting Bayern GmbH

Schmalenbach Journal of Business Research, 2003, vol. 55, issue 7, 657-677

Abstract: Summary This paper examines market reactions on spin-off and sell-off announcements. We find that the market reacts positively on spin-offs compared to sell-offs when the spin-off is executed by high Q firms. We could find no evidence for our argument that the market reacts negatively when the firms executing spin-offs and sell-offs are inflicted by agency costs of free cash-flow. The results support some fundamentals of property rights theory.

Keywords: L11; L14; L15; L22; Desinvestition; Humankapital; Kapitalmarkt; Restrukturierung; Sell-off; Spin-off (search for similar items in EconPapers)
Date: 2003
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DOI: 10.1007/BF03372719

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