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Unternehmensspaltung — Motive und Aktienmarktreaktionen

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  • Rolf Bühner

    (Universität Passau)

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.

Suggested Citation

  • Rolf Bühner, 1998. "Unternehmensspaltung — Motive und Aktienmarktreaktionen," Schmalenbach Journal of Business Research, Springer, vol. 50(9), pages 809-840, September.
    • Handle: RePEc:spr:sjobre:v:50:y:1998:i:9:d:10.1007_bf03371534
    DOI: 10.1007/BF03371534
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