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Internal capital markets and investment policy: evidence from corporate spinoffs

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Cited by:

  1. Ivan Montiel & Bryan Husted, 2009. "The Adoption of Voluntary Environmental Management Programs in Mexico: First Movers as Institutional Entrepreneurs," Journal of Business Ethics, Springer, vol. 88(2), pages 349-363, September.
  2. Harris, Oneil & Glegg, Charmaine, 2008. "The wealth effects of cross-border spinoffs," Journal of Multinational Financial Management, Elsevier, vol. 18(5), pages 461-476, December.
  3. Alderson, Michael J. & Betker, Brian L., 2006. "The specification and power of tests to detect abnormal changes in corporate investment," Journal of Corporate Finance, Elsevier, vol. 12(4), pages 738-760, September.
  4. Claude Francoeur & Alain Niyubahwe, 2009. "Sell‐offs, internal capital markets, and long run performance: Canadian evidence," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 5(4), pages 376-390, September.
  5. Chen Zheng & Bing Zhu, 2021. "Concentrate or diversify? The relationship between tenant concentration and REIT performance," Review of Quantitative Finance and Accounting, Springer, vol. 57(3), pages 899-927, October.
  6. Imen Khanchel El Mehdi & Souad Seboui, 2011. "Corporate diversification and earnings management," Review of Accounting and Finance, Emerald Group Publishing Limited, vol. 10(2), pages 176-196, May.
  7. Mazur, Mieszko & Salganik-Shoshan, Galla, 2019. "The effect of executive stock option delta and vega on the spin-off decision," The Quarterly Review of Economics and Finance, Elsevier, vol. 72(C), pages 132-144.
  8. Renucci, Antoine, 2008. "Access to financing, rents, and organization of the firm," Journal of Corporate Finance, Elsevier, vol. 14(4), pages 337-346, September.
  9. Mazur, Mieszko & Zhang, Shage, 2015. "Diversification discount over the long run: New perspectives," Finance Research Letters, Elsevier, vol. 15(C), pages 93-98.
  10. James Chong & Alexandra Krystalogianni & Simon Stevenson, "undated". "Dynamic Correlations across REIT Sub-Sectors," Real Estate & Planning Working Papers rep-wp2011-07, Henley Business School, University of Reading.
  11. Nikolowa, Radoslawa, 2014. "Developing new ideas: Spin-outs, spinoffs, or internal divisions," Journal of Economic Behavior & Organization, Elsevier, vol. 98(C), pages 70-88.
  12. Liang, Hsin-Yu & Chen, I-Ju & Chen, Sheng-Syan, 2016. "Does corporate governance mitigate bank diversification discount?," International Review of Economics & Finance, Elsevier, vol. 45(C), pages 129-143.
  13. Cline, Brandon N. & Garner, Jacqueline L. & Yore, Adam S., 2014. "Exploitation of the internal capital market and the avoidance of outside monitoring," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 234-250.
  14. Antoine Renucci, 2008. "Access to financing, rents, and organization of the firm," Post-Print halshs-00365983, HAL.
  15. Chemmanur, Thomas J. & Liu, Mark H., 2011. "Institutional trading, information production, and the choice between spin-offs, carve-outs, and tracking stock issues," Journal of Corporate Finance, Elsevier, vol. 17(1), pages 62-82, February.
  16. Huang, Sheng, 2014. "Managerial expertise, corporate decisions and firm value: Evidence from corporate refocusing," Journal of Financial Intermediation, Elsevier, vol. 23(3), pages 348-375.
  17. Xiao, Zhijie & Xu, Lan, 2019. "What do mean impacts miss? Distributional effects of corporate diversification," Journal of Econometrics, Elsevier, vol. 213(1), pages 92-120.
  18. Justin Law & Wayne Yu, 2018. "Corporate spinoffs and executive compensation," Frontiers of Business Research in China, Springer, vol. 12(1), pages 1-25, December.
  19. Cronqvist, Henrik & Low, Angie & Nilsson, Mattias, 2007. "Does Corporate Culture Matter for Firm Policies?," SIFR Research Report Series 48, Institute for Financial Research.
  20. Chemmanur, Thomas J. & Jordan, Bradford D. & Liu, Mark H. & Wu, Qun, 2010. "Antitakeover provisions in corporate spin-offs," Journal of Banking & Finance, Elsevier, vol. 34(4), pages 813-824, April.
  21. Ahn, Seoungpil & Walker, Mark D., 2007. "Corporate governance and the spinoff decision," Journal of Corporate Finance, Elsevier, vol. 13(1), pages 76-93, March.
  22. Shan Ge, 2022. "How Do Financial Constraints Affect Product Pricing? Evidence from Weather and Life Insurance Premiums," Journal of Finance, American Finance Association, vol. 77(1), pages 449-503, February.
  23. Aron Berg & Pehr-Johan Norbäck & Lars Persson, 2017. "Cross-border mergers & acquisitions with financially constrained owners," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 153(3), pages 433-456, August.
  24. Hovakimian, Gayané, 2016. "Excess value and restructurings by diversified firms," Journal of Banking & Finance, Elsevier, vol. 71(C), pages 1-19.
  25. Vitkova, Valeriya & Tian, Siyang & Sudarsanam, Sudi, 2023. "Allocative efficiency of internal capital markets: Evidence from equity carve-outs by diversified firms," International Review of Financial Analysis, Elsevier, vol. 86(C).
  26. Fich, Eliezer M. & Starks, Laura T. & Yore, Adam S., 2014. "CEO deal-making activities and compensation," Journal of Financial Economics, Elsevier, vol. 114(3), pages 471-492.
  27. Jiraporn, Pornsit & Kim, Young Sang & Davidson III, Wallace N., 2008. "Multiple directorships and corporate diversification," Journal of Empirical Finance, Elsevier, vol. 15(3), pages 418-435, June.
  28. Benz, Andreas & Demerjian, Peter R. & Hoang, Daniel & Ruckes, Martin E., 2024. "Picking winners: Managerial ability and capital allocation," Working Paper Series in Economics 163, Karlsruhe Institute of Technology (KIT), Department of Economics and Management.
  29. Jan Hanousek & Evžen Kočenda & Jan Svejnar, 2009. "Divestitures, privatization and corporate performance in emerging markets," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 17(1), pages 43-73, January.
  30. 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.
  31. Han-Ching Huang & Yong-Chern Su & Chun-E Shih, 2015. "Evidence On The Speed Of Convergence To Market Efficiency: Evidence From Stock Spin-Offs," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 9(2), pages 1-8.
  32. Ang, James & de Jong, Abe & van der Poel, Marieke, 2014. "Does familiarity with business segments affect CEOs' divestment decisions?," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 58-74.
  33. James Chong & Alexandra Krystalogianni & Simon Stevenson, 2012. "Dynamic correlations between REIT sub-sectors and the implications for diversification," Applied Financial Economics, Taylor & Francis Journals, vol. 22(13), pages 1089-1109, July.
  34. Ryan P. McDonough, 2023. "Corporate communication and shareholder base retention: evidence from spin-offs," Review of Quantitative Finance and Accounting, Springer, vol. 60(4), pages 1283-1327, May.
  35. Dmitri Boreiko & Maurizio Murgia, 2013. "European spin-offs Origin, value creation, and long-term performance," BEMPS - Bozen Economics & Management Paper Series BEMPS05, Faculty of Economics and Management at the Free University of Bozen.
  36. I-Ju Chen, 2016. "Corporate Governance and the Efficiency of Internal Capital Markets," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 19(02), pages 1-50, June.
  37. Li, Xiaoyang, 2013. "Productivity, restructuring, and the gains from takeovers," Journal of Financial Economics, Elsevier, vol. 109(1), pages 250-271.
  38. Elena Alexandra Nenu & Georgeta Vintilă & Ştefan Cristian Gherghina, 2018. "The Impact of Capital Structure on Risk and Firm Performance: Empirical Evidence for the Bucharest Stock Exchange Listed Companies," IJFS, MDPI, vol. 6(2), pages 1-29, April.
  39. Feng, Yi & Nandy, Debarshi K. & Tian, Yisong S., 2015. "Executive compensation and the corporate spin-off decision," Journal of Economics and Business, Elsevier, vol. 77(C), pages 94-117.
  40. Chen, Sheng-Syan & Chen, I-Ju, 2012. "Corporate governance and capital allocations of diversified firms," Journal of Banking & Finance, Elsevier, vol. 36(2), pages 395-409.
  41. Md Hamid Uddin, 2010. "Corporate Spin-Offs And Shareholders' Value: Evidence From Singapore," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 4(4), pages 43-58.
  42. Tong, Zhenxu, 2011. "Firm diversification and the value of corporate cash holdings," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 741-758, June.
  43. Chen, Han-Sheng & Lin, Ying-Chou & Lin, Yu-Chen, 2024. "Reexamining information asymmetry related to corporate spin-offs," The Quarterly Review of Economics and Finance, Elsevier, vol. 94(C), pages 190-205.
  44. 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.
  45. Patrick Bielstein & Mario Fischer & Christoph Kaserer, 2018. "The cost of capital effect of M&A transactions: Disentangling coinsurance from the diversification discount," European Financial Management, European Financial Management Association, vol. 24(4), pages 650-679, September.
  46. Jan Hanousek & Evzen Kocenda & Jan Svejnar, 2004. "Spinoffs, Privatization and Corporate Performance in Emerging Markets," Microeconomics 0406003, University Library of Munich, Germany.
  47. Harris, Oneil & Madura, Jeff, 2011. "Why are proposed spinoffs withdrawn?," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(1), pages 69-81, February.
  48. A. Jongbloed, 2004. "Spin-Offs. Implications for Corporate Policies," Review of Business and Economic Literature, KU Leuven, Faculty of Economics and Business (FEB), Review of Business and Economic Literature, vol. 0(4), pages 569-588.
  49. Hund, John & Monk, Donald & Tice, Sheri, 2010. "Uncertainty about average profitability and the diversification discount," Journal of Financial Economics, Elsevier, vol. 96(3), pages 463-484, June.
  50. Alderson, Michael J. & Betker, Brian L., 2009. "Were internal capital markets affected by the 'perfect' pension storm?," Journal of Corporate Finance, Elsevier, vol. 15(2), pages 257-271, April.
  51. Stefan Erdorf & Thomas Hartmann-Wendels & Nicolas Heinrichs & Michael Matz, 2012. "Corporate Diversification and Firm Value: A Survey of Recent Literature," Cologne Graduate School Working Paper Series 03-01, Cologne Graduate School in Management, Economics and Social Sciences.
  52. Harris, Oneil & Madura, Jeff, 2010. "Cause and effects of poison pill adoptions by spinoff units," Journal of Economics and Business, Elsevier, vol. 62(4), pages 307-330, July.
  53. Sheng-Syan Chen & I-Ju Chen, 2011. "Inefficient Investment and the Diversification Discount: Evidence from Corporate Asset Purchases," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 38(7-8), pages 887-914, September.
  54. Denis, David J., 2011. "Financial flexibility and corporate liquidity," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 667-674, June.
  55. Chemmanur, Thomas J. & Krishnan, Karthik & Nandy, Debarshi K., 2014. "The effects of corporate spin-offs on productivity," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 72-98.
  56. Doukas, John A. & Kan, Ozgur B., 2008. "Investment decisions and internal capital markets: Evidence from acquisitions," Journal of Banking & Finance, Elsevier, vol. 32(8), pages 1484-1498, August.
  57. Zhang, John Fan & Wang, Yang & Du, Qingjie, 2024. "The impact of cultural distance on fund transfers in the internal capital market," Journal of Banking & Finance, Elsevier, vol. 165(C).
  58. Nazir Saima & Chisti Khalid, 2023. "Corporate Spin-Offs and Shareholders’ Wealth: A Systematic Review and Future Research Agenda," Acta Universitatis Sapientiae, Economics and Business, Sciendo, vol. 11(1), pages 42-63, October.
  59. Rudolph, Christin & Schwetzler, Bernhard, 2014. "Mountain or molehill? Downward biases in the conglomerate discount measure," Journal of Banking & Finance, Elsevier, vol. 40(C), pages 420-431.
  60. Jan Hanousek & Evžen Kočenda & Jan Švejnar, 2006. "Rozdělení, privatizace podniků a jejich výkonnost [Breakups, privatization and firms" performance]," Politická ekonomie, Prague University of Economics and Business, vol. 2006(4), pages 467-489.
  61. Rasaq Alabi Olanrewaju, 2016. "Backward Integration: A Panacea for Rural Development in Nigeria," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 2(4), pages 38-56, December.
  62. Stefan Erdorf & Thomas Hartmann-Wendels & Nicolas Heinrichs & Michael Matz, 2013. "Corporate diversification and firm value: a survey of recent literature," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 27(2), pages 187-215, June.
  63. Chemmanur, Thomas J. & He, Shan, 2016. "Institutional trading, information production, and corporate spin-offs," Journal of Corporate Finance, Elsevier, vol. 38(C), pages 54-76.
  64. Jackson, Scott B. & Rodgers, Theodore C. & Tuttle, Brad, 2010. "The effect of depreciation method choice on asset selling prices," Accounting, Organizations and Society, Elsevier, vol. 35(8), pages 757-774, November.
  65. Ahn, Seoungpil & Denis, David J. & Denis, Diane K., 2006. "Leverage and investment in diversified firms," Journal of Financial Economics, Elsevier, vol. 79(2), pages 317-337, February.
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