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

Author

Listed:
  • Rolf Bühner

    (Universität Passau)

  • Jörg Digmayer

    (Sparkassen Network Consulting Bayern GmbH)

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.

Suggested Citation

  • Rolf Bühner & Jörg Digmayer, 2003. "Aktienmarktreaktionen auf die Ankündigungen von Spin-offs und Sell-offs," Schmalenbach Journal of Business Research, Springer, vol. 55(7), pages 657-677, November.
    • Handle: RePEc:spr:sjobre:v:55:y:2003:i:7:d:10.1007_bf03372719
    DOI: 10.1007/BF03372719
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    More about this item

    Keywords

    L11; L14; L15; L22;
    All these keywords.

    JEL classification:

    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
    • L15 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Information and Product Quality
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure

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