메뉴 건너뛰기




Volumn 11, Issue 1-2, 2005, Pages 253-275

Dismantling internal capital markets via spinoff: Effects on capital allocation efficiency and firm valuation

Author keywords

Capital budgeting; Restructuring

Indexed keywords


EID: 12344267937     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0929-1199(03)00060-9     Document Type: Article
Times cited : (35)

References (39)
  • 1
    • 12344277283 scopus 로고    scopus 로고
    • Internal capital markets and investment policy: Evidence from corporate spinoffs
    • (in press)
    • Ahn S. Denis D. Internal capital markets and investment policy: evidence from corporate spinoffs Journal of Financial Economics 2002 (in press)
    • (2002) Journal of Financial Economics
    • Ahn, S.1    Denis, D.2
  • 2
    • 0005521046 scopus 로고
    • Corporate management and property rights
    • H. Manne (Ed.), Washington, DC: American Enterprise Institute
    • UAlchian A. Corporate management and property rights In: Manne H. (Eds.) Economic Policy and the Regulation of Corporate Securities 1969 American Enterprise Institute Washington, DC
    • (1969) Economic Policy and the Regulation of Corporate Securities
    • Alchian, A.1
  • 5
    • 0000203448 scopus 로고    scopus 로고
    • Diversification and the value of internal capital markets: The case of tracking stock
    • Billett M. Mauer D. Diversification and the value of internal capital markets: The case of tracking stock Journal of Banking and Finance 24 2000 1457-1490
    • (2000) Journal of Banking and Finance , vol.24 , pp. 1457-1490
    • Billett, M.1    Mauer, D.2
  • 6
    • 12344259243 scopus 로고    scopus 로고
    • Cross-subsidies, external financing constraints, and the contribution of the internal capital market to firm value
    • Billett M. Mauer D. Cross-subsidies, external financing constraints, and the contribution of the internal capital market to firm value Review of Financial Studies 2002
    • (2002) Review of Financial Studies
    • Billett, M.1    Mauer, D.2
  • 7
  • 8
    • 84882093539 scopus 로고    scopus 로고
    • Divisional diversity and the conglomerate discount: The evidence from spin-offs
    • Burch T. Nanda V. Divisional diversity and the conglomerate discount: the evidence from spin-offs Journal of Financial Economics 2002
    • (2002) Journal of Financial Economics
    • Burch, T.1    Nanda, V.2
  • 9
    • 0009933769 scopus 로고    scopus 로고
    • Explaining the diversification discount
    • Campa J. Kedia S. Explaining the diversification discount Journal of Finance 57 2002 1731-1762
    • (2002) Journal of Finance , vol.57 , pp. 1731-1762
    • Campa, J.1    Kedia, S.2
  • 10
    • 0004095993 scopus 로고    scopus 로고
    • What do we know about cross-subsidization? Evidence from the investment policies of merging firms
    • Working paper, University of Chicago
    • Chevalier, J., 2000. What do we know about cross-subsidization? Evidence from the investment policies of merging firms. Working paper, University of Chicago.
    • (2000)
    • Chevalier, J.1
  • 11
    • 21844519267 scopus 로고
    • A simple approximation of Tobin's q
    • Chung K. Pruitt S. A simple approximation of Tobin's q Financial Management 23 1994 70-74
    • (1994) Financial Management , vol.23 , pp. 70-74
    • Chung, K.1    Pruitt, S.2
  • 12
    • 84952094529 scopus 로고
    • Detection of influential observations in linear regression
    • (in press)
    • Cook R.D. Detection of influential observations in linear regression Technometrics 19 1977 15-18 (in press)
    • (1977) Technometrics , vol.19 , pp. 15-18
    • Cook, R.D.1
  • 13
    • 38249006133 scopus 로고
    • A nonparametric test for abnormal security-price performance in event studies
    • Corrado C. A nonparametric test for abnormal security-price performance in event studies Journal of Financial Economics 23 1989 385-396
    • (1989) Journal of Financial Economics , vol.23 , pp. 385-396
    • Corrado, C.1
  • 15
    • 0006244280 scopus 로고    scopus 로고
    • Internal capital markets, growth opportunities, and the valuation effects of corporate diversification
    • Working paper, Purdue University
    • Denis, D., Thothadri, B., 1997. Internal capital markets, growth opportunities, and the valuation effects of corporate diversification. Working paper, Purdue University.
    • (1997)
    • Denis, D.1    Thothadri, B.2
  • 17
    • 0041903835 scopus 로고    scopus 로고
    • Learning about internal capital markets from corporate spinoffs
    • Gertner R. Powers E. Scharfstein D. Learning about internal capital markets from corporate spinoffs Journal of Finance 57 2002 2479-2506
    • (2002) Journal of Finance , vol.57 , pp. 2479-2506
    • Gertner, R.1    Powers, E.2    Scharfstein, D.3
  • 18
    • 0009953773 scopus 로고    scopus 로고
    • Does corporate diversification destroy value?
    • Graham J. Lemmon M. Wolf J. Does corporate diversification destroy value? Journal of Finance 57 2002 695-720
    • (2002) Journal of Finance , vol.57 , pp. 695-720
    • Graham, J.1    Lemmon, M.2    Wolf, J.3
  • 19
    • 0000581231 scopus 로고
    • Security price reaction around corporate spin-off announcements
    • Hite G. Owers J. Security price reaction around corporate spin-off announcements Journal of Financial Economics 12 1983 409-436
    • (1983) Journal of Financial Economics , vol.12 , pp. 409-436
    • Hite, G.1    Owers, J.2
  • 20
    • 0008505990 scopus 로고    scopus 로고
    • A reexamination of the conglomerate merger wave in the 1960s: An internal capital markets view
    • Hubbard R. Palia D. A reexamination of the conglomerate merger wave in the 1960s: An internal capital markets view Journal of Finance 54 1999 1131-1152
    • (1999) Journal of Finance , vol.54 , pp. 1131-1152
    • Hubbard, R.1    Palia, D.2
  • 22
    • 0002982333 scopus 로고    scopus 로고
    • Information asymmetry, valuation and the corporate spin-off decision
    • Krishnaswami S. Subramanian V. Information asymmetry, valuation and the corporate spin-off decision Journal of Financial Economics 53 1999 73-112
    • (1999) Journal of Financial Economics , vol.53 , pp. 73-112
    • Krishnaswami, S.1    Subramanian, V.2
  • 24
    • 0002206621 scopus 로고
    • Tobin's q ratio and industrial organization
    • Lindenberg E. Ross S. Tobin's q ratio and industrial organization Journal of Business 54 1991 1-32
    • (1991) Journal of Business , vol.54 , pp. 1-32
    • Lindenberg, E.1    Ross, S.2
  • 25
    • 0000921289 scopus 로고
    • Some heteroskedasticity consistent covariance matrix estimators with improved finite sample properties
    • MacKinnon J.G. White H. Some heteroskedasticity consistent covariance matrix estimators with improved finite sample properties Journal of Econometrics 29 1985 305-325
    • (1985) Journal of Econometrics , vol.29 , pp. 305-325
    • MacKinnon, J.G.1    White, H.2
  • 26
    • 0042594657 scopus 로고    scopus 로고
    • Do conglomerate firms allocate resources inefficiently across industries? Theory and evidence
    • Maksimovic V. Phillips G. Do conglomerate firms allocate resources inefficiently across industries? Theory and evidence Journal of Finance 57 2002 721-767
    • (2002) Journal of Finance , vol.57 , pp. 721-767
    • Maksimovic, V.1    Phillips, G.2
  • 30
    • 84880392245 scopus 로고
    • The effect of voluntary spin-off announcements on shareholder wealth
    • Miles J. Rosenfeld J. The effect of voluntary spin-off announcements on shareholder wealth Journal of Finance 38 1983 1597-1606
    • (1983) Journal of Finance , vol.38 , pp. 1597-1606
    • Miles, J.1    Rosenfeld, J.2
  • 31
    • 0003457920 scopus 로고    scopus 로고
    • The diversification discount and inefficient investment
    • Rajan R. Servaes H. Zingales L. The diversification discount and inefficient investment Journal of Finance 55 2000 35-80
    • (2000) Journal of Finance , vol.55 , pp. 35-80
    • Rajan, R.1    Servaes, H.2    Zingales, L.3
  • 32
    • 0003980669 scopus 로고    scopus 로고
    • The dark side of internal capital markets: II. Evidence from diversified conglomerates
    • NBER working paper, 6352
    • Scharfstein, D., 1998. The dark side of internal capital markets: II. Evidence from diversified conglomerates. NBER working paper, 6352.
    • (1998)
    • Scharfstein, D.1
  • 33
    • 0039027668 scopus 로고    scopus 로고
    • The dark side of internal capital markets: Divisional rent seeking and inefficient investment
    • Scharfstein D. Stein J. The dark side of internal capital markets: divisional rent seeking and inefficient investment Journal of Finance 55 2000 2537-2564
    • (2000) Journal of Finance , vol.55 , pp. 2537-2564
    • Scharfstein, D.1    Stein, J.2
  • 34
    • 0001396920 scopus 로고
    • Effects of recontracting on shareholder wealth: The case of voluntary spin-offs
    • Schipper K. Smith A. Effects of recontracting on shareholder wealth: The case of voluntary spin-offs Journal of Financial Economics 12 1983 437-467
    • (1983) Journal of Financial Economics , vol.12 , pp. 437-467
    • Schipper, K.1    Smith, A.2
  • 35
    • 0039244094 scopus 로고    scopus 로고
    • Are internal capital markets efficient?
    • (Earlier versions (1996, 1997), Ohio State University working papers)
    • Shin H. Stulz R. Are internal capital markets efficient? The Quarterly Journal of Economics 1998 531-552 (Earlier versions (1996, 1997), Ohio State University working papers)
    • (1998) The Quarterly Journal of Economics , pp. 531-552
    • Shin, H.1    Stulz, R.2
  • 36
    • 0039054530 scopus 로고    scopus 로고
    • Internal capital markets and the competition for corporate resources
    • Stein J. Internal capital markets and the competition for corporate resources Journal of Finance 52 1997 111-133
    • (1997) Journal of Finance , vol.52 , pp. 111-133
    • Stein, J.1
  • 37
    • 0003963886 scopus 로고    scopus 로고
    • Does diversification cause the "diversification discount"?
    • Working paper, Harvard University
    • Villalonga, B., 2002. Does diversification cause the "diversification discount"? Working paper, Harvard University.
    • (2002)
    • Villalonga, B.1
  • 38
    • 0000929051 scopus 로고    scopus 로고
    • Is it inefficient investment that causes the diversification discount?
    • Whited T. Is it inefficient investment that causes the diversification discount? Journal of Finance 56 2001 1667-1691
    • (2001) Journal of Finance , vol.56 , pp. 1667-1691
    • Whited, T.1
  • 39
    • 0000117734 scopus 로고
    • The modern corporation: Origins, evolution and attributes
    • Williamson O. The modern corporation: Origins, evolution and attributes Journal of Economic Literature 19 1981 1537-1568
    • (1981) Journal of Economic Literature , vol.19 , pp. 1537-1568
    • Williamson, O.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.