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1	An analysis of the response to corporate unbundling announcements on the Johannesburg Stock Exchange Jordan, Jared Bayman 05 July 2012 (has links) This research report examines the effect of the announcement of corporate unbundling by South African corporations listed on the Johannesburg Stock Exchange. This research was carried out in order to update the literature and to analyse whether results confirm the previous research performed by Blount and Davidson (1996) or coincides with international trends, which displayed positive responses to unbundling announcements. The event study methodology was used for analysing the market’s reactions to corporate unbundling announcements. Abnormal returns were calculated using the market model approach with an event window of ten days and an estimation window of 120 days. A sample of 27 corporations were analysed in this research report during the period January 2002 to June 2011. The results indicated strong negative abnormal returns as a result of the corporate unbundling announcements. This finding confirms Blount and Davidson’s (1996) earlier research. Corporate unbundling Johannesburg Stock Exchange Shares Prices
2	Long-run performance of corporate restructurings : evidence from the JSE Nkongho, Mitteran Enow 06 1900 (has links) This research has investigated the long-run performance of corporate restructurings through unbundling transactions on the JSE between 2000 and 2012. The corporate unbundling transactions considered by the research are spin-offs and sell-offs. From the two unbundling transactions, four samples were derived, that is, 21 spin-offs, 14 parent-spin-offs, 14 sell-offs and 20 parent-sell-offs. The share price performance of these samples was investigated by a matching firm methodology under the buy and hold abnormal returns. The research found that positive abnormal returns are present for both samples for up to four years after unbundling. Secondly, with the exception of parent-sell-offs, significant abnormal returns were experienced by both samples for up to four years after unbundling. It was also found that a spin-off is a preferable corporate unbundling strategy to a sell-off over a long-run period. This research implies that companies with heavy structures should unbundle in order to unlock shareholders’ value. / Business Management / M. Com. (Business Management) Corporate unbundling Spin-offs Parent-spin-offs Sell-offs Parent-sell-offs Divestitures Performance Matching firm Abnormal returns Mergers 658.1620968 Johannesburg Stock Exchange Corporate divestiture -- South Africa Leveraged buyouts -- South Africa

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An analysis of the response to corporate unbundling announcements on the Johannesburg Stock Exchange

Long-run performance of corporate restructurings : evidence from the JSE