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Managerial reputation and divisional sell-offs: A model and empirical test

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  • Guedes, Jose
  • Parayre, Roch

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  • Guedes, Jose & Parayre, Roch, 1997. "Managerial reputation and divisional sell-offs: A model and empirical test," Journal of Banking & Finance, Elsevier, vol. 21(8), pages 1085-1106, August.
    • Handle: RePEc:eee:jbfina:v:21:y:1997:i:8:p:1085-1106
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    1. Stein, Jeremy C, 1988. "Takeover Threats and Managerial Myopia," Journal of Political Economy, University of Chicago Press, vol. 96(1), pages 61-80, February.
    2. repec:bla:jfinan:v:43:y:1988:i:2:p:413-29 is not listed on IDEAS
    3. Hirshleifer, David & Thakor, Anjan V, 1992. "Managerial Conservatism, Project Choice, and Debt," The Review of Financial Studies, Society for Financial Studies, vol. 5(3), pages 437-470.
    4. Jeremy C. Stein, 1989. "Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 104(4), pages 655-669.
    5. Murphy, Kevin J., 1985. "Corporate performance and managerial remuneration : An empirical analysis," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 11-42, April.
    6. James L. Medoff & Katharine G. Abraham, 1980. "Experience, Performance, and Earnings," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 95(4), pages 703-736.
    7. repec:bla:jfinan:v:44:y:1989:i:4:p:971-80 is not listed on IDEAS
    8. Thakor, Anjan V, 1990. "Investment "Myopia" and the Internal Organization of Capital Allocation Decisions," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 6(1), pages 129-154, Spring.
    9. Shefrin, Hersh & Statman, Meir, 1985. "The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence," Journal of Finance, American Finance Association, vol. 40(3), pages 777-790, July.
    10. Scharfstein, David S & Stein, Jeremy C, 1990. "Herd Behavior and Investment," American Economic Review, American Economic Association, vol. 80(3), pages 465-479, June.
    11. Boot, Arnoud W A, 1992. "Why Hang on to Losers? Divestitures and Takeovers," Journal of Finance, American Finance Association, vol. 47(4), pages 1401-1423, September.
    12. Hite, Gailen L. & Owers, James E. & Rogers, Ronald C., 1987. "The market for interfirm asset sales : Partial sell-offs and total liquidations," Journal of Financial Economics, Elsevier, vol. 18(2), pages 229-252, June.
    13. Bengt Holmstrom & Joan Ricart i Costa, 1986. "Managerial Incentives and Capital Management," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 101(4), pages 835-860.
    14. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    15. Malatesta, Paul H. & Thompson, Rex, 1985. "Partially anticipated events: A model of stock price reactions with an application to corporate acquisitions," Journal of Financial Economics, Elsevier, vol. 14(2), pages 237-250, June.
    16. Rosenfeld, James D, 1984. "Additional Evidence on the Relation between Divestiture Announcements and Shareholder Wealth," Journal of Finance, American Finance Association, vol. 39(5), pages 1437-1448, December.
    17. Narayanan, M P, 1985. "Managerial Incentives for Short-term Results," Journal of Finance, American Finance Association, vol. 40(5), pages 1469-1484, December.
    18. Brennan, Michael J, 1990. "Latent Assets," Journal of Finance, American Finance Association, vol. 45(3), pages 709-730, July.
    19. Lanen, William N. & Thompson, Rex, 1988. "Stock price reactions as surrogates for the net cash flow effects of corporate policy decisions," Journal of Accounting and Economics, Elsevier, vol. 10(4), pages 311-334, December.
    20. Jain, Prem C, 1985. "The Effect of Voluntary Sell-off Announcements on Shareholder Wealth," Journal of Finance, American Finance Association, vol. 40(1), pages 209-224, March.
    21. Kanodia, C & Bushman, R & Dickhaut, J, 1989. "Escalation Errors And The Sunk Cost Effect - An Explanation Based On Reputation And Information Asymmetries," Journal of Accounting Research, Wiley Blackwell, vol. 27(1), pages 59-77.
    22. Klein, April, 1986. "The Timing and Substance of Divestiture Announcements: Individual, Simultaneous and Cumulative Effects," Journal of Finance, American Finance Association, vol. 41(3), pages 685-696, July.
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    Cited by:

    1. Miriam Flickinger & Miriam Zschoche, 2018. "Corporate divestiture and performance: an institutional view," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 22(1), pages 111-131, March.
    2. Krzysztof Jackowicz & Oskar Kowalewski, 2011. "Divestments in Banking. Preliminary Evidence on the Role of External Factors," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 5(2), June.
    3. Daniel Bartsch & Christoph J. Börner, 2007. "Werteffekte strategischer Desinvestitionen — Eine empirische Untersuchung am deutschen Kapitalmarkt," Schmalenbach Journal of Business Research, Springer, vol. 59(1), pages 2-34, February.

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