PLANT-CLOSING DECISIONS AND THE MARKET VALUE OF THE FIRM

被引：57

作者：

BLACKWELL, DW ^{[1
]}

MARR, MW ^{[1
]}

SPIVEY, MF ^{[1
]}

机构：

[1] CLEMSON UNIV,CLEMSON,SC 29632

来源：

JOURNAL OF FINANCIAL ECONOMICS | 1990年 / 26卷 / 02期

关键词：

D O I：

10.1016/0304-405X(90)90006-L

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the underlying causes and the announcement effects of plant closings. The closing in our sample do not appear related to takeover activity. Instead, they appear motivated by declining firm profitability. Firms announcing closings have lower earnings than market or industry medians; earnings typically improve slightly after the announcement. We find a negative stock-market reaction to plant-closing announcements. © 1990.

引用

页码：277 / 288

页数：12

共 6 条

[1] INTERNAL CORPORATE RESTRUCTURING - AN EMPIRICAL-ANALYSIS [J].