ch12 - Chapter 12 Empirical Tests of Corporate...

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Empirical Tests of Corporate Empirical Tests of Corporate Restructuring and Divestitures Restructuring and Divestitures 12 12 Chapter Chapter
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Chapter 12-2 Event Studies of Restructuring Authors Year Type Event Window Parent Return Miles, Rosenfeld 1983 Spinoff 0,+1 3.34% Schipper, Smith 1983 Spinoff -1,0 2.84% Copeland et al 1987 Spinoff 0,+1 2.49% Mulherin, Boone 2000 Spinoff -1,+1 4.51% Schipper, Smith 1986 Carveout -4,0 1.83% Mulherin, Boone 2000 Carveout -1,+1 2.27%
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Chapter 12-3 Event Studies of Asset Sales Authors Year Event Window Seller Return Buyer Return Rosenfeld 1984 -1,+1 2.76% 2.10% Jain 1985 -1 0.44% 0.34% Hite et al 1987 -1,0 1.66% 0.83% Hanson, Song 2000 -1,+1 0.60% 0.48% Mulherin, Boone 2000 -1,+1 1.75% 1.34%
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Chapter 12-4 Sources of Wealth Gains Studies of restructuring often find the larger the divestiture, the larger the announcement return Asset sales: returns to buyer and seller likely represent efficient redeployment of assets Information vs. Efficiency Unsuccessful asset sales lose gains from
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This note was uploaded on 05/10/2011 for the course MGT D72 taught by Professor Chau during the Spring '11 term at University of Toronto- Toronto.

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ch12 - Chapter 12 Empirical Tests of Corporate...

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