Internal capital markets and investment policy: evidence from corporate spinoffs

被引：83

作者：

Ahn, S

Denis, DJ ^{[1
]}

机构：

[1] Purdue Univ, Krannert Grad Sch Management, W Lafayette, IN 47907 USA

[2] Concordia Univ, John Molson Sch Business, Montreal, PQ H3G 1M8, Canada

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2004年 / 71卷 / 03期

关键词：

internal capital markets; spinoffs; diversification;

D O I：

10.1016/S0304-405X(03)00165-X

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We analyze changes in investment policy following 106 spinoffs between 1981 and 1996. Pre-spinoff, the sample firms are valued at a discount and invest less in their high q segments than do their single-segment peers. Post-spinoff, there is a significant increase in measures of investment efficiency and the diversification discount is eliminated. Furthermore, changes in excess value around the spinoff are positively related to changes in measures of investment efficiency. These findings support the view that (i) diversified firms allocate investment funds inefficiently, and (ii) by breaking up the conglomerate, spinoffs create value by improving investment efficiency. (C) 2003 Elsevier B.V. All rights reserved.

引用

页码：489 / 516

页数：28

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