A comparison of the information conveyed by equity carve-outs, spin-offs, and asset sell-offs

Slovin, Myron B.; Sushka, Marie E.; Ferraro, Steven R.

doi:10.1016/0304-405x(94)00796-4

Cited by 182 publications

(109 citation statements)

References 28 publications

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“…Hite and Owers (1983), Miles and Rosenfeld (1983), Schipper and Smith (1983), Alexander et al (1984), Rosenfeld (1984), Jain (1985), Klein (1986), Schipper and Smith (1986), Hite et al (1987), Boot (1992), Cusatis et al (1993), John and Ofek (1995), Lang et al (1995), Slovin et al (1995), Daley et al (1997), Krishnaswami and Subramaniam (1999), Mulherin and Boone (2000) Corporate governance…”

Section: Restructuring Methodsmentioning

confidence: 99%

“…The following works are found on the topic of "restructuring methods": Hite and Owers (1983), Miles and Rosenfeld (1983), Schipper and Smith (1983), Cusatis et al (1993), Daley et al (1997), and Krishnaswami and Subramaniam (1999) on the subject on spin-offs; Schipper and Smith (1986) and Slovin et al (1995) on equity carveouts; Alexander et al (1984), Jain (1985), and Hite et al (1987) on sell-offs; Mulherin and Boone (2000) on acquisitions; Rosenfeld (1984), Klein (1986), Boot (1992), John and Ofek (1995), and Lang et al (1995) on divestitures.…”

Section: Factor Analysismentioning

confidence: 99%

“…964 Bethel and Liebeskind (1993) .961 Hitt et al (1996) .959 Lieberman and Montgomery (1988) .955 Johnson (1996) .954 Hoskisson and Johnson (1992) .954 Johnson et al (1993) . 953 Hill and Hoskisson (1987) .950 Montgomery et al (1984) .948 Duhaime and Grant (1984) .946 Gibbs (1993) .942 Shleifer and Vishny (1991) .938 Hoskisson and Turk (1990) .927 Bergh and Holbein (1997) .905 Palepu (1985) .887 Hoskisson and Hitt (1988) .885 Williamson (1985) .854 Porter (1987) .842 Ravenscraft (1987) .821 Williamson (1975) .734 Hite and Owers (1983) .965 Miles and Rosenfeld (1983) .965 Slovin et al (1995) .957 Schipper and Smith (1983) .957 Schipper and Smith (1986) .956 Alexander et al (1984) .951 Mulherin and Boone (2000) .940 Cusatis et al (1993) .935 Jain (1985) .923 Klein (1986) .906 Hite et al (1987) .890 Daley et al (1997) .883 Rosenfeld (1984) .878 Dimaggio and Powell (1983) -.855 Lang et al (1995) .850 Krishnaswami and Subramaniam (1999) .844 Myers and Majluf (1984) .820 John and Ofek (1995) .787 Porter (1985) -.766 Boot (1992) .749 Teece et al (1997) -.746 …”

Section: Agradecimientosmentioning

confidence: 99%

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Quién es quién en la investigación sobre Reestructuración de la Cartera de Negocios: La estructura intelectual

Sánchez-Riofrío

Guerras‐Martín

Forcadell

2017

Rev. esp. doc. cient.

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There are few studies applying extensive qualitative and quantitative methods for addressing the research into Business Portfolio Restructuring (BPR). The aim of this paper is to identify the main authors, journals and studies that have informed the intellectual platform underpinning BPR as well as identifying the topics that have had the greatest impact. In this study, bibliographic references cited between 1959 and 2012, are analyzed using different bibliometric techniques. Three main results are found: first, the intellectual basis for this field involves a multidisciplinary and multifaceted literature, although the disciplines of finance and management are the principal contributors to research into BPR. Second, authors, journals and papers are identified to track the main framework of portfolio restructuring. Finally, the main forerunners of this study area are corporate strategy, divestitures, diversification and corporate governance. This is a study that contributes not only to the field of strategic management but also to information management.Keywords: Corporate restructuring; business portfolio restructuring; intellectual structure; bibliometric techniques; scientific production. Quién es quién en la investigación sobre Reestructuración de la Cartera de Negocios: La estructura intelectualResumen: Son pocos los estudios que aplican métodos cualitativos y cuantitativos extensivos para abordar la investigación sobre Reestructuración de la Cartera de Negocio (RCN). El objetivo de este trabajo es identificar los principales autores, revistas y estudios que han informado a la plataforma intelectual subyacente a RCN e identificar los temas que más han impactado. En este estudio, las referencias bibliográficas citadas entre 1959 y 2012, se analizan utilizando diferentes técnicas bibliométricas. Se encuentran tres resultados principales: primero, la base intelectual de este campo involucra una literatura multidisciplinaria y multifacética, aunque las disciplinas de finanzas y administración son los principales contribuyentes a la investigación en RCN. En segundo lugar, los autores, las revistas y los documentos se identifican para seguir el marco principal de la reestructuración de la cartera. Finalmente, los principales precursores de esta área de estudio son la estrategia corporativa, las desinversiones, la diversificación y el gobierno corporativo. Este es un estudio que contribuye no sólo en el campo de la gestión estratégica, sino también en el campo de la gestión de la información.Palabras clave: Reestructuración corporativa; Reestructuración de la cartera de negocios; Estructura intelectual; Técnicas bibliométricas; Producción científica.

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Section: Restructuring Methodsmentioning

confidence: 99%

Section: Factor Analysismentioning

confidence: 99%

Section: Agradecimientosmentioning

confidence: 99%

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Quién es quién en la investigación sobre Reestructuración de la Cartera de Negocios: La estructura intelectual

Sánchez-Riofrío

Guerras‐Martín

Forcadell

2017

Rev. esp. doc. cient.

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“…Through calibration and simulation, their focus is thus understanding the economic determinants of the endogenous risk premiums associated with brand capital stock. More importantly, empirical evidence on product market implications of going public has been the subject of several studies; Slovin et al (1995) document an average negative announcement effect on the rival firms; they find that rivals' stock price reaction for conventional IPOs is statistically negative. By contrast, (Ward, 1997) finds that the average effect of IPO announcements on rival firms depends on the motive stated in the prospectus.…”

Section: Literature Reviewmentioning

confidence: 99%

Initial Public Offerings, Underpricing and Performance: The Case of Top International Brands

Harasheh¹,

Gatti²

2016

Preprint

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The present study aims at investigating the relationship between Initial Public Offerings (IPOs) variables mainly underpricing on one hand, and the brand value measures on the other. Our final data set is 104 international brand companies. We implement empirical approach using hierarchical OLS regression and descriptive statistics. We show that underpricing is positively related to brand value which emphasizes the marketing role of going public and underpricing in enhancing brand equity through the product market, which additionally confirms some information asymmetry models. We also find that on average brand companies had not been recognized as brands at the IPO time. Moreover, we show the positive role of private equity in enhancing brand value, additionally, the non-linear association between underpricing and brand value is not evident. Finally, we draw some policy implication and suggestions for future research.

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“…The parent can hold a direct stake in the subsidiary or exert control by means of a string of intermediate firms. The subsidiaries result from partial acquisitions or equity carve-outs/partial IPOs (Slovin, Sushka and Ferraro, 1995). Thus, a parent company's stock can be regarded as a weighted portfolio of listed and unlisted corporate entities, where the weights are determined by ownership stakes in subsidiaries and the subsidiaries' relative sizes.…”

Section: Connected Firms and Investor Myopia 1 Introductionmentioning

confidence: 99%

Connected Firms and Investor Myopia

Ginglinger

Hebert

Renneboog³

2017

SSRN Journal

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Abstract. Conglomerates, multinational corporations and business groups are non-exclusive forms of complex firms. Often organized as corporate networks, complex firms control a myriad of firms connected through ownership links. We investigate whether parent-subsidiary links within corporate networks enhance transparency because the investors in a listed parent company and in its listed subsidiary now receive information about these two firms from each these firms. Alternatively, the corporate network complexity could bring about more opacity when investors are unable to detect the connections between the corporate entities. We examine the share price reactions to information releases by various entities of the corporate network. We find that parent's investors benefit from enhanced transparency in case the parent announces surprise earnings first, whereas subsidiaries' investors seem mostly unaware of ownership links and are myopic. JEL Classification: G14, G32Keywords: Ownership structures, corporate complexity, myopia surprise earnings announcements, business groups, conglomerates, inattention, post-earnings announcement drift, market frictions. * Edith Ginglinger is at Université Paris-Dauphine (Place du Maréchal de Lattre de Tassigny, 75775 PARIS Cedex 16, France) Email: edith.ginglinger@dauphine.fr; Camille Hebert is at Université Paris-Dauphine and Tilburg University Email: camille.hebert@dauphine.fr); and Luc Renneboog -the corresponding author -is at Tilburg University (POBox 90153, 5000 LE Tilburg, the Netherlands) Email: Luc.Renneboog@uvt.nl. The authors thank Paul Beaumont, Fabio Braggion, Gilles Chemla, Joost Driessen, Pascal Dumontier, Zsuzsanna Fluck, Alberto Manconi, Roni Michaely, Mario Milone, Ekatarina Neretina, Manju Puri, Emanuele Rizzo, David Robinson, Oliver Spalt, and Cara Vansteenkiste for valuable comments and helpful discussions as well as the participants to seminars at Tilburg University and Université Paris-Dauphine. The second author is grateful to Duke University for its hospitality during a research visit. The authors declare that there are not conflicts of interest. All remaining errors and omissions are our own.

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A comparison of the information conveyed by equity carve-outs, spin-offs, and asset sell-offs

Cited by 182 publications

References 28 publications

Quién es quién en la investigación sobre Reestructuración de la Cartera de Negocios: La estructura intelectual

Quién es quién en la investigación sobre Reestructuración de la Cartera de Negocios: La estructura intelectual

Initial Public Offerings, Underpricing and Performance: The Case of Top International Brands

Connected Firms and Investor Myopia

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