Spinoffs and information

被引：71

作者：

Habib, MA ^{[1
]}

Johnsen, DB ^{[1
]}

Naik, NY ^{[1
]}

机构：

[1] GEORGE MASON UNIV,SCH LAW,ARLINGTON,VA 22201

来源：

JOURNAL OF FINANCIAL INTERMEDIATION | 1997年 / 6卷 / 02期

关键词：

D O I：

10.1006/jfin.1997.0212

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We present an information-based explanation for spinoffs. When the various divisions of a firm are spun off into several firms that have separate stock market listings, the number of traded securities increases. This mal:es the price system more informative. It improves the quality of the investment decisions made by managers and reduces uninformed investors' uncertainty about the value of the divisions. Both effects serve to increase the sum total of the market values of the spun-off divisions above the market value of the original firm. (C) 1997 Academic Press.

引用

页码：153 / 176

页数：24

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