Rüdisüli, Roger. Value creation of spin-offs and carve-outs. 2005, PhD Thesis, University of Basel, Faculty of Business and Economics.
Official URL: http://edoc.unibas.ch/diss/DissB_7179
and the USA between 1990 and 2003 create value. There is a robust positive market
revaluation of roughly 1.0% to 3.0% for firms announcing a spin-off or carve-out of a
subsidiary. This effect is similar for carve-outs and spin-offs, despite their different natures.
Hence, the analysis on the long-term implications of spin-offs and carve-outs consequently
unveils substantial differences: While the average spin-off firm outperforms
the market, carve-outs considerably underperform. Over time it becomes obvious that
spin-offs improve the business itself thanks to the increased independence and the focus
on the core business, whereas managers time carve-outs and use them primarily as a
cheap mean of funding, one that does not improve the business.
|Committee Members:||Drobetz, Wolfgang|
|Faculties and Departments:||06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Department of Finance > Finanzmarkttheorie (Zimmermann)|
|Bibsysno:||Link to catalogue|
|Number of Pages:||270|
|Last Modified:||30 Jun 2016 10:41|
|Deposited On:||13 Feb 2009 15:13|
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