메뉴 건너뛰기




Volumn 13, Issue 5, 2007, Pages 771-792

Unlocking value: Equity carve outs as strategic real options

Author keywords

Buy back; Equity carve out; Horizontal integration; Real option; Sell out; Vertical integration

Indexed keywords


EID: 36348941707     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2007.03.007     Document Type: Article
Times cited : (22)

References (34)
  • 2
    • 0039403208 scopus 로고    scopus 로고
    • Equity carve-outs and managerial discretion
    • Allen J.W., and McConnell J.J. Equity carve-outs and managerial discretion. The Journal of Finance 53 (1998) 163-186
    • (1998) The Journal of Finance , vol.53 , pp. 163-186
    • Allen, J.W.1    McConnell, J.J.2
  • 3
    • 84882178770 scopus 로고    scopus 로고
    • When carve-outs make sense
    • Annema A., et al. When carve-outs make sense. The McKinsey Quarterly (2002) 98-105
    • (2002) The McKinsey Quarterly , pp. 98-105
    • Annema, A.1
  • 4
    • 36348968440 scopus 로고    scopus 로고
    • Boone, A., 2002. The interaction of ownership, governance, and product markets: Evidence from equity carve-outs. Unpublished manuscript.
  • 5
    • 36349029312 scopus 로고    scopus 로고
    • Chen, Q., et al., in press. Price informativeness and investment sensitivity to stock price. Review of Financial Studies.
  • 6
    • 0039847310 scopus 로고    scopus 로고
    • Valuation and information acquisition policy for claims written on noisy real assets
    • Childs P.D., et al. Valuation and information acquisition policy for claims written on noisy real assets. Financial Management 30 (2001) 45-75
    • (2001) Financial Management , vol.30 , pp. 45-75
    • Childs, P.D.1
  • 9
    • 0345016952 scopus 로고    scopus 로고
    • Informed trading, investment, and welfare
    • Dow J., and Rahi R. Informed trading, investment, and welfare. The Journal of Business 76 (2003) 439-454
    • (2003) The Journal of Business , vol.76 , pp. 439-454
    • Dow, J.1    Rahi, R.2
  • 10
    • 36348981210 scopus 로고    scopus 로고
    • Elsas, R., Loffler,Y., 2001. Equity carve-outs and corporate control and equity carve-outs in Germany. Unpublished manuscript.
  • 11
    • 36348964392 scopus 로고    scopus 로고
    • Fu, H., 2002. Information asymmetry and the market reaction to equity carve-outs. Unpublished manuscript.
  • 12
    • 0035730597 scopus 로고    scopus 로고
    • Analyst specialization and conglomerate stock breakups
    • Gilson S.C., et al. Analyst specialization and conglomerate stock breakups. Journal of Accounting Research 39 (2001) 565-582
    • (2001) Journal of Accounting Research , vol.39 , pp. 565-582
    • Gilson, S.C.1
  • 13
    • 36348939439 scopus 로고    scopus 로고
    • Goldstein, I., Guembel, A., 2006. Manipulation and the allocational role of prices. Unpublished manuscript.
  • 15
    • 36348999367 scopus 로고    scopus 로고
    • Hand, J.R.M., Skantz, T.R., 1999a. The market-timing characteristics of equity carve-outs. Unpublished manuscript.
  • 16
    • 36348959774 scopus 로고    scopus 로고
    • Hand, J.R.M., Skantz, T.R., 1999b. Tax planning in initial public offerings: The case of equity carve-outs. Unpublished manuscript.
  • 18
    • 19044375813 scopus 로고    scopus 로고
    • Property rights and the nature of the firm
    • Hart O., and Moore J. Property rights and the nature of the firm. Journal of Political Economics 90 (2000) 1119-1158
    • (2000) Journal of Political Economics , vol.90 , pp. 1119-1158
    • Hart, O.1    Moore, J.2
  • 21
    • 84986753354 scopus 로고
    • The two stages of an equity carve-out and the price response of parent and subsidiary stock
    • Klein A., et al. The two stages of an equity carve-out and the price response of parent and subsidiary stock. Managerial and Decision Economics 12 (1991) 449-460
    • (1991) Managerial and Decision Economics , vol.12 , pp. 449-460
    • Klein, A.1
  • 22
    • 0004325876 scopus 로고
    • Statistics of Random Processes
    • Springer-Verlag, New York
    • Liptser R.S., and Shiryayev A.N. Statistics of Random Processes. Applications vol. 2 (1978), Springer-Verlag, New York
    • (1978) Applications , vol.2
    • Liptser, R.S.1    Shiryayev, A.N.2
  • 23
    • 23944484941 scopus 로고    scopus 로고
    • Do insiders learn from outsiders? Evidence from mergers and acquisitions
    • Luo Y. Do insiders learn from outsiders? Evidence from mergers and acquisitions. The Journal of Finance 60 (2005) 1951-1982
    • (2005) The Journal of Finance , vol.60 , pp. 1951-1982
    • Luo, Y.1
  • 24
    • 36348995575 scopus 로고    scopus 로고
    • Spin-offs and equity carve-outs. Achieving faster growth and better performance
    • Miles J.A., et al. Spin-offs and equity carve-outs. Achieving faster growth and better performance. Financial Executives Research Foundation (1999)
    • (1999) Financial Executives Research Foundation
    • Miles, J.A.1
  • 26
    • 0000302079 scopus 로고
    • On the good news in equity carve-outs
    • Nanda V. On the good news in equity carve-outs. The Journal of Finance 46 (1991) 1717-1737
    • (1991) The Journal of Finance , vol.46 , pp. 1717-1737
    • Nanda, V.1
  • 27
    • 0142087009 scopus 로고    scopus 로고
    • Deciphering the motives for equity carve-outs
    • Powers E. Deciphering the motives for equity carve-outs. Journal of Financial Research 26 (2003) 31-50
    • (2003) Journal of Financial Research , vol.26 , pp. 31-50
    • Powers, E.1
  • 28
    • 0040970609 scopus 로고    scopus 로고
    • The firm as a dedicated hierarchy: a theory of the origins and growth of firms
    • Rajan R.G., and Zingales L. The firm as a dedicated hierarchy: a theory of the origins and growth of firms. Quarterly Journal of Economics 116 (2001) 805-852
    • (2001) Quarterly Journal of Economics , vol.116 , pp. 805-852
    • Rajan, R.G.1    Zingales, L.2
  • 29
    • 0039027668 scopus 로고    scopus 로고
    • The dark side of internal capital markets: divisional rent-seeking and inefficient investment
    • Scharfstein D., and Stein J. The dark side of internal capital markets: divisional rent-seeking and inefficient investment. The Journal of Finance 55 (2000) 2537-2564
    • (2000) The Journal of Finance , vol.55 , pp. 2537-2564
    • Scharfstein, D.1    Stein, J.2
  • 30
    • 0038923638 scopus 로고
    • A comparison of equity carve-outs and seasoned equity offerings
    • Schipper K., and Smith A. A comparison of equity carve-outs and seasoned equity offerings. Journal of Financial Economics 15 (1986) 153-186
    • (1986) Journal of Financial Economics , vol.15 , pp. 153-186
    • Schipper, K.1    Smith, A.2
  • 31
    • 0001989532 scopus 로고
    • A comparison of the information conveyed by equity carve-outs, spin-offs, and asset sell-offs
    • Slovin M., et al. A comparison of the information conveyed by equity carve-outs, spin-offs, and asset sell-offs. Journal of Financial Economics 37 (1995) 89-104
    • (1995) Journal of Financial Economics , vol.37 , pp. 89-104
    • Slovin, M.1
  • 32
    • 0040531555 scopus 로고    scopus 로고
    • The going-public decision and the development of financial markets
    • Subrahmanyam A., and Titman S. The going-public decision and the development of financial markets. The Journal of Finance 54 (1999) 1045-1082
    • (1999) The Journal of Finance , vol.54 , pp. 1045-1082
    • Subrahmanyam, A.1    Titman, S.2
  • 33
    • 36349036737 scopus 로고    scopus 로고
    • The positive announcement-period returns of equity carveouts: asymmetric information or divesture gains?
    • Vijh A.M. The positive announcement-period returns of equity carveouts: asymmetric information or divesture gains?. Journal of Business 51 (2002) 273-308
    • (2002) Journal of Business , vol.51 , pp. 273-308
    • Vijh, A.M.1
  • 34
    • 36348955168 scopus 로고    scopus 로고
    • Wall Street Journal, Deals & deal makers, avis, infinity holders learn: Giver of stock can get it back. Sherer, Paul M. and Kara Scannell 2000;17.


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.