University, Diss., 2006--Bonn.

<p><strong>Syfte: </strong>Syftet med denna uppsats är att undersöka hur moderbolagets aktiekurs reagerar, därmed påvisa eventuell onormal avkastning när ett moderbolag beslutar sig för och sedan avyttrar en del av ett dotterbolag till börsen (Equity Carve‐Out). Delsyftet är att undersöka sambandet mellan onormalavkastning i storleken på avyttrade andelar samt beskriva de motiv som anges och analysera detta mot storleken på avknoppad andel.</p><p><strong>Metod: </strong>Undersökningen är en eventstudie med en kvantitativ ansats. Empirin består av sekundärdata i form av börskurser och index.</p><p><strong>Teori: </strong>Eventstudien bygger på hypotesen om effektiva marknader, teorin om asymmetrisk information, agent teori samt teorin om avknoppningsfördelar.</p><p><strong>Empiri: </strong>Eventstudien bygger på 25 Equity Carve‐Outs genomförda mellan åren 1991‐2007 och behandlar aktieutvecklingen dels vid beslut och dels vid genomförandet av en avknoppning, detta relateras sedan till tidigare forskning.</p><p><strong>Resultat </strong></p><ul><li>ECO mellan åren 1991 och 2007 har generellt medfört svagt positiva priseffekter vid beslutet om avknoppning och positiva priseffekter vid avyttringen. </li><li>En ECO motsäger sig inte den effektiva marknadshypotesen i dess halvstarka form. </li><li>Det finns inget samband i marknadsreaktionen beroende på storleken i avyttrad andel. </li><li>Angivna motiv skiljer sig generellt inte beroende på hur stor andel som avyttras. </li></ul> / <p><strong>Purpose: </strong>The aim of this bachelor thesis paper is to investigate parent company stock market reactions to decision and sale of a subsidiary through an Equity Carve‐Out. A secondary purpose is to investigate the correlation between the abnormal returns and the amount of stocks sold in a subsidiary and describe the motives associated whit the sale, and relate those motives to the amount of stocks sold in the subsidiary.</p><p><strong>Methodology: </strong>An event study with a quantitative approach based on empirics consisting of abnormal returns, calculated based on the adjusted market model.</p><p><strong>Theoretical perspectives: </strong>This study is based on the efficient market hypothesis, asymmetric information hypothesis, agency theory and divestiture gains hypothesis.</p><p><strong>Empirical foundation: </strong>The study is based on 25 Equity Carve‐Outs during the period 1991‐2007 on the Swedish stock exchange.</p><p><strong>Conclusion </strong></p><ul type="disc"><li>Equity Carve‐Outs between 1991 and 2007 have generated slightly positive price effects at the time of decision and increasingly positive price effects at the time of the sale. </li><li>An Equity Carve‐Out does not contradict the efficient market theory. </li><li>There is no immediate correlation between the market reaction and the size in the subsidiary retained. </li><li>Parent company motives do not differ depending on the size in the subsidiary retained. </li></ul><p> </p>

Syfte: Syftet med denna uppsats är att undersöka hur moderbolagets aktiekurs reagerar, därmed påvisa eventuell onormal avkastning när ett moderbolag beslutar sig för och sedan avyttrar en del av ett dotterbolag till börsen (Equity Carve‐Out). Delsyftet är att undersöka sambandet mellan onormalavkastning i storleken på avyttrade andelar samt beskriva de motiv som anges och analysera detta mot storleken på avknoppad andel. Metod: Undersökningen är en eventstudie med en kvantitativ ansats. Empirin består av sekundärdata i form av börskurser och index. Teori: Eventstudien bygger på hypotesen om effektiva marknader, teorin om asymmetrisk information, agent teori samt teorin om avknoppningsfördelar. Empiri: Eventstudien bygger på 25 Equity Carve‐Outs genomförda mellan åren 1991‐2007 och behandlar aktieutvecklingen dels vid beslut och dels vid genomförandet av en avknoppning, detta relateras sedan till tidigare forskning. Resultat ECO mellan åren 1991 och 2007 har generellt medfört svagt positiva priseffekter vid beslutet om avknoppning och positiva priseffekter vid avyttringen. En ECO motsäger sig inte den effektiva marknadshypotesen i dess halvstarka form. Det finns inget samband i marknadsreaktionen beroende på storleken i avyttrad andel. Angivna motiv skiljer sig generellt inte beroende på hur stor andel som avyttras. / Purpose: The aim of this bachelor thesis paper is to investigate parent company stock market reactions to decision and sale of a subsidiary through an Equity Carve‐Out. A secondary purpose is to investigate the correlation between the abnormal returns and the amount of stocks sold in a subsidiary and describe the motives associated whit the sale, and relate those motives to the amount of stocks sold in the subsidiary. Methodology: An event study with a quantitative approach based on empirics consisting of abnormal returns, calculated based on the adjusted market model. Theoretical perspectives: This study is based on the efficient market hypothesis, asymmetric information hypothesis, agency theory and divestiture gains hypothesis. Empirical foundation: The study is based on 25 Equity Carve‐Outs during the period 1991‐2007 on the Swedish stock exchange. Conclusion <ul type="disc">Equity Carve‐Outs between 1991 and 2007 have generated slightly positive price effects at the time of decision and increasingly positive price effects at the time of the sale. An Equity Carve‐Out does not contradict the efficient market theory. There is no immediate correlation between the market reaction and the size in the subsidiary retained. Parent company motives do not differ depending on the size in the subsidiary retained.

Using a sample of 57 master limited partnerships (MLPs) formed from corporate assets between 1982 and 2011, I examine the share price effects on parent corporations from forming MLPs. Specifically, I compare announcement period returns during the first and second waves of MLP formations—1982-1987 and 1988-2011, respectively—to assess the effect of structural changes in the MLP agency and operating environments on the market response to MLP formation. I document significantly higher 3-day and 5-day announcement period returns for second wave MLP formations, suggesting that changes to the MLP agency and operating environments have enhanced the value impact of MLP formation. I also find evidence that parent corporations benefit from the increased opportunity to exploit conflicts of interest with the MLP, which arise from these changes. Finally, I examine the prediction of prior literature that MLP formation improves the parent company’s information environment, finding support for this assertion in the form of reduced idiosyncratic return volatility.

Univ., Diss.--Flensburg, 2003.

Zugl.: Aachen, Techn. Hochsch., Diss., 2005.

Master-Arbeit Univ. St. Gallen, 2007.

In the first essay titled "Divestitures and Acquisition Probability", I examine the relationship between a firm's divestiture activities and the likelihood that the firm will become an acquisition target. Using a logit model comparing a sample of target firms matched with a sample of non-target firms from 1986 to 2010, we find that a firm is 27 percent more likely to be acquired within three years of a divestiture activity than if there was no previous divestiture, and the effect is stronger for firms with fewer numbers of segments. Our finding is robust to modifications of control variables, to managerial entrenchment, as well as to alternative diagnoses. Consistent with the literature, we find the market reacts positively to a divestiture announcement. However, cross-sectionally we find the market reaction is positively related to whether or not the divesting firm adopts a golden parachute feature and negatively on the firm's number of segments which is related to the probability of future acquisition. In the second essay titled "The Choice of Divestiture and Long-run Performance: Asset Sell-off versus Equity Carve-out," I examine the post-divestiture long-run performance of two different choices of corporate divestiture, asset sell-offs versus equity carve-outs, and find that the choice of divestiture method has important implications for post-divestiture long-run performance. My findings show that the sell-off parents' long-run abnormal returns are significantly higher than those of the carve-out parents. I also find evidence that the long-term abnormal performance improves with a reduction in the diversification discount. The effect of the diversification discount is weaker for divesting parents with higher levels of R&D. My results further show that a firm's pre-divestiture number of segments and level of asymmetric information are positively related to the probability of an asset sell-off.

La variété des situations auxquelles sont confrontés les acteurs de la vie des affaires, et l’importance des sommes en jeu, constituent un aiguillon particulièrement stimulant pour la réflexion des spécialistes dans le domaine financier et juridique. Un engouement s’enracine également dans la tendance des marchés financiers à exiger une plus grande transparence dans la gestion des groupes diversifiés, dont la lisibilité financière est souvent réduite. Une telle exigence de lisibilité est au cœur de la définition des actions traçantes. Apparues outre-Atlantique au début des années 80, elles ont bénéficié, avec l’avènement de la nouvelle économie, d’un regain d’intérêt notable et d’un volume d’émission élevé sur le marché financier américain depuis les années 90. L’émission d’actions traçantes, mis à part leur nature hybride, constitue une mesure de restructuration assez particulière qui vient compléter la base d’études déjà constituée sur le thème de la restructuration de capitaux. Cette recherche a pour ambition de montrer comment introduire les actions traçantes sur le marché financier français et plus particulièrement, elle permettra d’élargir le choix des formes de restructuration qui seront présentés pour des entreprises souhaitant chercher de nouvelles sources de financement, se procurer de nouveaux moyens d’acquisition et atteindre l’objectif fondamental qui est celui de la création de valeur. De ce fait, l’émission d’actions traçantes se trouvera en concurrence avec d’autres formes de restructuration (scission et apport partiel d’actif). Par conséquent, on présentera les facteurs dont les entreprises devront tenir compte dans le choix des restructurations envisagées. / The variety of situations faced by actors of the business concerning their field, and the importance of the amount of money involved, is considered as a mind moving element particularly for specialists in financial and legal matters. Enthusiasm is also rooted in the financial markets which tend to require greater transparency from groups, including financial visibility that is often reduced. Such a requirement is highly recommended in the definition of tracking stock. Emerged across the Atlantic in the early 80s, they have benefited, with the advent of the new economy, a noticeable income of interest and have increased since the early '90s until now through a large number of issuances on the U.S. financial market. The issuance of tracking stock, apart from its hybrid nature, contains a certain measure of restructuring rather special that completes the basis of studies already made on the subject of capital restructuring. This research also aims to show how to introduce tracking stock on the French financial market, and more particularly to expand the choice of forms of restructuring that will be presented to companies in hope to seek new funding sources, to obtain new ways of acquisition and achieve a fundamental objective which is the creation of value. Therefore, the issuing of tracking stock will have to compete with other forms of restructuring (spin-off, equity carve-out). Thus, we present the factors that companies should deem when choosing the restructuring proposed.