Wealth gains from tracking stocks: Long-run performance and ex-date returns

被引：0
|
作者：
Clayton, MJ [1 ]
Qian, YM
机构：
[1] Rutgers State Univ, Sch Business, Newark, NJ 07102 USA
[2] Univ Iowa, Iowa City, IA USA
来源：
FINANCIAL MANAGEMENT | 2004年 / 33卷 / 03期
关键词：
D O I：
暂无
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the long-run performance of the tracking stocks, the parent stocks, and the combined companies following the issue of tracking stock, as well as the Performance of the firms prior to the tracking stock issue. Our results indicate that the long-run performance is not significantly different from benchmark portfolio returns. Investigation of the ex-date returns for firms issuing tracking stocks reveals a significant mean ex-date abnormal return of 3.12 percentage points. The results suggest that the wealth gains due to the announcement effect are permanent, and they underestimate the total wealth gains from the tracking stock issues.
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页码：83 / 106
页数：24
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