메뉴 건너뛰기




Volumn 111, Issue 2, 2003, Pages 227-268

Can the market add and subtract? Mispricing in tech stock carve-outs

Author keywords

[No Author keywords available]

Indexed keywords

PRICE DYNAMICS; STOCK MARKET; TECHNOLOGY;

EID: 0013020712     PISSN: 00223808     EISSN: None     Source Type: Journal    
DOI: 10.1086/367683     Document Type: Article
Times cited : (423)

References (47)
  • 1
    • 0039403208 scopus 로고    scopus 로고
    • Equity carve-outs and managerial discretion
    • February
    • Allen, Jeffrey W., and McConnell, John J. "Equity Carve-outs and Managerial Discretion." J. Finance 53 (February 1998): 163-86.
    • (1998) J. Finance , vol.53 , pp. 163-186
    • Allen, J.W.1    McConnell, J.J.2
  • 2
    • 85029550625 scopus 로고    scopus 로고
    • Almazan, Andres; Brown, Keith C.; Carlson, Murray; and Chapman, David A. "Why Constrain Your Mutual Fund Manager?" Manuscript. Austin: Univ. Texas, 2001.
  • 3
    • 85029561511 scopus 로고    scopus 로고
    • Bergstresser, Daniel, and Karlan, Dean. "The Market Valuation of Cross-Corporate Equity Holdings." Manuscript. Cambridge: Massachusetts Inst. Tech., 2000.
  • 4
    • 0001381436 scopus 로고
    • Efficiency tests of the foreign currency options market
    • March
    • Bodurtha, James N., Jr., and Courtadon, Georges R. "Efficiency Tests of the Foreign Currency Options Market." J. Finance 41 (March 1986): 151-62.
    • (1986) J. Finance , vol.41 , pp. 151-162
    • Bodurtha J.N., Jr.1    Courtadon, G.R.2
  • 5
    • 84877090313 scopus 로고    scopus 로고
    • Breath of ownership and stock returns
    • November-December
    • Chen, Joseph; Hong, Harrison; and Stein, Jeremy C. "Breath of Ownership and Stock Returns." J. Financial Econ. 66 (November-December 2002): 171-205.
    • (2002) J. Financial Econ. , vol.66 , pp. 171-205
    • Chen, J.1    Hong, H.2    Stein, J.C.3
  • 6
    • 85029557470 scopus 로고    scopus 로고
    • Cochrane, John H. "Stocks as Money" Convenience Yield and the Tech-Stock Bubble." Manuscript. Chicago: Univ. Chicago, Grad. School Bus., 2002.
  • 7
    • 0038737855 scopus 로고    scopus 로고
    • The parent company puzzle: When is the whole worth less than one of the parts?
    • December
    • Cornell, Bradford, and Liu, Qiao. "The Parent Company Puzzle: When Is the Whole Worth Less than One of the Parts?" J. Corp. Finance 7 (December 2001): 341-66.
    • (2001) J. Corp. Finance , vol.7 , pp. 341-366
    • Cornell, B.1    Liu, Q.2
  • 8
    • 85029566744 scopus 로고    scopus 로고
    • Cornell, Joseph W. Spin-off to Pay-off: An Analytical Guide to Investing in Corporate Divestitures. New York: McGraw-Hill, 1998.
  • 9
    • 0002078678 scopus 로고    scopus 로고
    • The market for borrowing stock
    • November-December
    • D'Avolio, Gene. "The Market for Borrowing Stock." J. Financial Econ. 66 (November-December 2002): 271-306.
    • (2002) J. Financial Econ. , vol.66 , pp. 271-306
    • D'Avolio, G.1
  • 10
    • 84900013243 scopus 로고
    • Does the stock market overreact?
    • July
    • De Bondt, Werner F.M., and Thaler, Richard H. "Does the Stock Market Overreact?" J. Finance 40 (July 1985): 793-805.
    • (1985) J. Finance , vol.40 , pp. 793-805
    • De Bondt, W.F.M.1    Thaler, R.H.2
  • 11
    • 18044395198 scopus 로고    scopus 로고
    • Short-sellers, fundamental analysis, and stock returns
    • July
    • Dechow, Patricia M.; Hutton, Amy P.; Meulbroek, Lisa; and Sloan, Richard G. "Short-Sellers, Fundamental Analysis, and Stock Returns." J. Financial Econ. 61 (July 2001): 77-106.
    • (2001) J. Financial Econ. , vol.61 , pp. 77-106
    • Dechow, P.M.1    Hutton, A.P.2    Meulbroek, L.3    Sloan, R.G.4
  • 12
    • 84977712440 scopus 로고
    • Positive feedback investment strategies and destabilizing rational speculation
    • June
    • De Long, J. Bradford; Shleifer, Andrei; Summers, Lawrence H.; and Waldmann, Robert J. "Positive Feedback Investment Strategies and Destabilizing Rational Speculation." J. Finance 45 (June 1990): 379-95.
    • (1990) J. Finance , vol.45 , pp. 379-395
    • De Long, J.1    Bradford, S.2    Andrei, S.3    Lawrence, H.4    Waldmann, R.J.5
  • 13
    • 0001675669 scopus 로고
    • Constraints on short-selling and asset price adjustment to private information
    • June
    • Diamond, Douglas W., and Verrecchia, Robert E. "Constraints on Short-Selling and Asset Price Adjustment to Private Information." J. Financial Econ. 18 (June 1987): 277-311.
    • (1987) J. Financial Econ. , vol.18 , pp. 277-311
    • Diamond, D.W.1    Verrecchia, R.E.2
  • 14
    • 0038693107 scopus 로고    scopus 로고
    • Special repo rates
    • June
    • Duffie, Darrell. "Special Repo Rates." J. Finance 51 (June 1996): 493-526.
    • (1996) J. Finance , vol.51 , pp. 493-526
    • Duffie, D.1
  • 15
    • 85029567093 scopus 로고    scopus 로고
    • Duffie, Darrell; Garleanu, Nicolai; and Pedersen, Lasse Heje. "Securities Lending, Shorting, and Pricing." Manuscript. Stanford, Calif.: Stanford Univ., Grad. School Bus., 2001.
  • 16
    • 0000029776 scopus 로고
    • Efficient capital markets: II
    • December
    • Fama, Eugene F. "Efficient Capital Markets: II." J. Finance 46 (December 1991): 1575-1617.
    • (1991) J. Finance , vol.46 , pp. 1575-1617
    • Fama, E.F.1
  • 17
    • 0346207692 scopus 로고    scopus 로고
    • Market efficiency, long-term returns, and behavioral finance
    • September
    • Fama, Eugene F. "Market Efficiency, Long-Term Returns, and Behavioral Finance." J. Financial Econ. 49 (September 1998): 283-306.
    • (1998) J. Financial Econ. , vol.49 , pp. 283-306
    • Fama, E.F.1
  • 18
    • 38549147867 scopus 로고
    • Common risk factors in the returns on stocks and bonds
    • February
    • Fama, Eugene F., and French, Kenneth R. "Common Risk Factors in the Returns on Stocks and Bonds." J. Financial Econ. 33 (February 1993): 3-56.
    • (1993) J. Financial Econ. , vol.33 , pp. 3-56
    • Fama, E.F.1    French, K.R.2
  • 19
    • 84993650709 scopus 로고
    • Options, short sales, and market completeness
    • June
    • Figlewski, Stephen, and Webb, Gwendolyn P. "Options, Short Sales, and Market Completeness." J. Finance 48 (June 1993): 761-77.
    • (1993) J. Finance , vol.48 , pp. 761-777
    • Figlewski, S.1    Webb, G.P.2
  • 20
    • 85029565812 scopus 로고    scopus 로고
    • Hand, John R. M., and Skantz, Terrance R. "Noise Traders in Event Studies? The Case of Equity Carve-outs." Manuscript. Chapel Hill: Univ. North Carolina, 1998.
  • 21
    • 84959812265 scopus 로고
    • Speculative investor behavior in a stock market with heterogeneous expectations
    • May
    • Harrison, J. Michael, and Kreps, David M. "Speculative Investor Behavior in a Stock Market with Heterogeneous Expectations." Q.J.E. 92 (May 1978): 323-36.
    • (1978) Q.J.E. , vol.92 , pp. 323-336
    • Harrison, J.M.1    Kreps, D.M.2
  • 22
    • 84877100059 scopus 로고    scopus 로고
    • Short-sale constraints and stock returns
    • November-December
    • Jones, Charles M., and Lamont, Owen A. "Short-Sale Constraints and Stock Returns." J. Financial Econ. 66 (November-December 2002): 207-39.
    • (2002) J. Financial Econ. , vol.66 , pp. 207-239
    • Jones, C.M.1    Lamont, O.A.2
  • 23
    • 84977314600 scopus 로고
    • Put-call parity and market efficiency
    • December
    • Klemkosky, Robert C., and Resnick, Bruce G. "Put-Call Parity and Market Efficiency." J. Finance 34 (December 1979): 1141-55.
    • (1979) J. Finance , vol.34 , pp. 1141-1155
    • Klemkosky, R.C.1    Resnick, B.G.2
  • 24
    • 0007881731 scopus 로고    scopus 로고
    • Investor reaction to salient news in closed-end country funds
    • April
    • Klibanoff, Peter; Lamont, Owen; and Wizman, Thierry A. "Investor Reaction to Salient News in Closed-End Country Funds." J. Finance 53 (April 1998): 673-99.
    • (1998) J. Finance , vol.53 , pp. 673-699
    • Klibanoff, P.1    Lamont, O.2    Wizman, T.A.3
  • 25
    • 0005106181 scopus 로고    scopus 로고
    • The bond/old-bond spread
    • November-December
    • Krishnamurthy, Arvind. "The Bond/Old-Bond Spread." J. Financial Econ. 66 (November-December 2002): 463-506.
    • (2002) J. Financial Econ. , vol.66 , pp. 463-506
    • Krishnamurthy, A.1
  • 26
    • 84993869066 scopus 로고
    • Contrarian investment, extrapolation, and risk
    • December
    • Lakonishok, Josef; Shleifer, Andrei; and Vishny, Robert W. "Contrarian Investment, Extrapolation, and Risk." J. Finance 49 (December 1994): 1541-78.
    • (1994) J. Finance , vol.49 , pp. 1541-1578
    • Lakonishok, J.1    Shleifer, A.2    Vishny, R.W.3
  • 27
    • 0039842076 scopus 로고    scopus 로고
    • The diversification discount: Cash flows versus returns
    • October
    • Lamont, Owen A., and Polk, Christopher. "The Diversification Discount: Cash Flows versus Returns." J. Finance 56 (October 2001): 1693-1721.
    • (2001) J. Finance , vol.56 , pp. 1693-1721
    • Lamont, O.A.1    Polk, C.2
  • 28
    • 84977736029 scopus 로고
    • Investor sentiment and the closed-end fund puzzle
    • March
    • Lee, Charles M. C.; Shleifer, Andrei; and Thaler, Richard H. "Investor Sentiment and the Closed-End Fund Puzzle." J. Finance 46 (March 1991): 75-109.
    • (1991) J. Finance , vol.46 , pp. 75-109
    • Lee, C.M.C.1    Shleifer, A.2    Thaler, R.H.3
  • 29
    • 85029552471 scopus 로고    scopus 로고
    • Liu, Jun, and Longstaff, Francis A. "Losing Money on Arbitrages." Manuscript. Los Angeles: Univ. California, 2000.
  • 30
    • 0034148029 scopus 로고    scopus 로고
    • Uniformly least powerful tests of market efficiency
    • March
    • Loughran, Tim, and Ritter, Jay R. "Uniformly Least Powerful Tests of Market Efficiency." J. Financial Econ. 55 (March 2000): 361-89.
    • (2000) J. Financial Econ. , vol.55 , pp. 361-389
    • Loughran, T.1    Ritter, J.R.2
  • 31
    • 84916929634 scopus 로고
    • Risk, uncertainty, and divergence of opinion
    • September
    • Miller, Edward M. "Risk, Uncertainty, and Divergence of Opinion." J. Finance 32 (September 1977): 1151-68.
    • (1977) J. Finance , vol.32 , pp. 1151-1168
    • Miller, E.M.1
  • 32
    • 0007888467 scopus 로고    scopus 로고
    • Limited arbitrage in equity markets
    • April
    • Mitchell, Mark; Pulvino, Todd; and Stafford, Erik. "Limited Arbitrage in Equity Markets." J. Finance 57 (April 2002): 551-84.
    • (2002) J. Finance , vol.57 , pp. 551-584
    • Mitchell, M.1    Pulvino, T.2    Stafford, E.3
  • 33
    • 0000302079 scopus 로고
    • On the good news about equity carve-outs
    • December
    • Nanda, Vikram. "On the Good News about Equity Carve-outs." J. Finance 46 (December 1991): 1717-37.
    • (1991) J. Finance , vol.46 , pp. 1717-1737
    • Nanda, V.1
  • 34
    • 85029554753 scopus 로고    scopus 로고
    • Ofek, Eli, and Richardson, Matthew. "Dotcom Mania: A Survey of Market Efficiency in the Internet Section." Manuscript. New York: New York Univ., 2001.
  • 35
    • 0039021355 scopus 로고    scopus 로고
    • Costly arbitrage: Evidence from closed-end funds
    • November
    • Pontiff, Jeffrey. "Costly Arbitrage: Evidence from Closed-End Funds." Q.I.E. 111 (November 1996): 1135-51.
    • (1996) Q.I.E. , vol.111 , pp. 1135-1151
    • Pontiff, J.1
  • 36
    • 85029560196 scopus 로고    scopus 로고
    • Reed, Adam. "Costly Short-Selling and Stock Price Adjustment to Earnings Announcements." Manuscript. Chapel Hill: Univ. North Carolina, 2001.
  • 37
    • 84977717063 scopus 로고
    • The long-run performance of initial public offerings
    • March
    • Ritter, Jay R. "The Long-Run Performance of Initial Public Offerings." J. Finance 46 (March 1991): 3-27.
    • (1991) J. Finance , vol.46 , pp. 3-27
    • Ritter, J.R.1
  • 38
    • 0038193294 scopus 로고    scopus 로고
    • A review of IPO activity, pricing, and allocations
    • August
    • Ritter, Jay R., and Welch, Ivo. "A Review of IPO Activity, Pricing, and Allocations." J. Finance 57 (August 2002): 1795-1828.
    • (2002) J. Finance , vol.57 , pp. 1795-1828
    • Ritter, J.R.1    Welch, I.2
  • 39
    • 84977371412 scopus 로고
    • The relevance of quasi rationality in competitive markets
    • December
    • Russell, Thomas, and Thaler, Richard. "The Relevance of Quasi Rationality in Competitive Markets." A.E.R. 75 (December 1985 : 1071-82.
    • (1985) A.E.R. , vol.75 , pp. 1071-1082
    • Russell, T.1    Thaler, R.2
  • 40
    • 0039246532 scopus 로고    scopus 로고
    • Pricing an emerging industry: Evidence from internet subsidiary carve-outs
    • Fall
    • Schill, Michael J., and Zhou, Chungsheng. "Pricing an Emerging Industry: Evidence from Internet Subsidiary Carve-outs." Financial Management 30 (Fall 2001): 5-33.
    • (2001) Financial Management , vol.30 , pp. 5-33
    • Schill, M.J.1    Zhou, C.2
  • 41
    • 0038923638 scopus 로고
    • A comparison of equity carve-outs and seasoned equity offerings: Share price effects and corporate restructuring
    • January/February
    • Schipper, Katherine, and Smith, Abbie. "A Comparison of Equity Carve-outs and Seasoned Equity Offerings: Share Price Effects and Corporate Restructuring." J. Financial Econ. 15 (January/February 1986): 153-86.
    • (1986) J. Financial Econ. , vol.15 , pp. 153-186
    • Schipper, K.1    Smith, A.2
  • 42
    • 0002307601 scopus 로고    scopus 로고
    • The limits of arbitrage
    • March
    • Shleifer, Andrei, and Vishny, Robert W. "The Limits of Arbitrage." J. Finance 52 (March 1997): 35-55.
    • (1997) J. Finance , vol.52 , pp. 35-55
    • Shleifer, A.1    Vishny, R.W.2
  • 43
    • 0001989532 scopus 로고
    • A comparison of the information conveyed by equity carve-outs, spin-offs, and asset sell-offs
    • January
    • Slovin, Myron B.; Sushka, Marie E.; and Ferraro, Steven R. "A Comparison of the Information Conveyed by Equity Carve-outs, Spin-offs, and Asset Sell-offs." J. Financial Econ. 37 (January 1995): 89-104.
    • (1995) J. Financial Econ. , vol.37 , pp. 89-104
    • Slovin, M.B.1    Sushka, M.E.2    Ferraro, S.R.3
  • 44
    • 0007790397 scopus 로고    scopus 로고
    • The effect of options on stock prices: 1973 to 1995
    • February
    • Sorescu, Sorin M. "The Effect of Options on Stock Prices: 1973 to 1995." J. Finance 55 (February 2000): 487-514.
    • (2000) J. Finance , vol.55 , pp. 487-514
    • Sorescu, S.M.1
  • 45
    • 0010104543 scopus 로고    scopus 로고
    • Rational capital budgeting in an irrational world
    • October
    • Stein, Jeremy C. "Rational Capital Budgeting in an Irrational World." J. Bus. 69 (October 1996): 429-55.
    • (1996) J. Bus. , vol.69 , pp. 429-455
    • Stein, J.C.1
  • 46
    • 0000683776 scopus 로고    scopus 로고
    • Long-term returns from equity carveouts
    • February
    • Vijh, Anand M. "Long-Term Returns from Equity Carveouts." J. Financial Econ. 51 (February 1999): 273-308.
    • (1999) J. Financial Econ. , vol.51 , pp. 273-308
    • Vijh, A.M.1
  • 47
    • 0001277064 scopus 로고
    • Insider ownership and the decision to go public
    • July
    • Zingales, Luigi. "Insider Ownership and the Decision to Go Public." Rev. Econ. Studies 62 (July 1995): 425-48.
    • (1995) Rev. Econ. Studies , vol.62 , pp. 425-448
    • Zingales, L.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.