The corporate sell-off decision of diversified firms

Journal of Financial Research

Volumn 20, Issue 2, 1997, Pages 231-241

  Steiner, Thomas Lorenz ^a  

^a UNIVERSITY OF DAYTON   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 85007852733     PISSN: 02702592     EISSN: 14756803     Source Type: Journal    
DOI: 10.1111/j.1475-6803.1997.tb00246.x     Document Type: Article

References (27)

1. Alexander, G., P. Benson, and J. Kampmeyer, 1984, Investigating the valuation effects of announcements of voluntary corporate selloffs, Journal of Finance 39, 503–16.
2. Amihud, Y. and B. Lev, 1981, Risk reduction as a managerial motive for merger, Bell Journal of Economics 12, 605–17.
3. Berger, P. and E. Ofek, 1995, Diversification's effect on firm value, Journal of Financial Economics 37, 39–65.
4. Cochran, W. G. and G. M. Cox, 1950, Experimental Designs (John Wiley & Sons, New York).
5. Coffee, J. C., 1988, Shareholders versus managers: The strain in the corporate web, in J. C. Coffee, L. Lowenstein, and S. Rose-Ackerman, eds., Knights. Raiders and Targets: The Impact of the Hostile Takeover (Oxford Press, New York), 78–135.
6. Comment, R. and G. A. Jarrell, 1995, Corporate focus and stock returns, Journal of Financial Economics 37, 67–87.
7. Dann, L. and H. DeAngelo, 1988, Corporate financial policy and corporate control: A study of defensive adjustments in assets and ownership structure, Journal of Financial Economics 20, 87–127.
8. Hirschey, M. and J. K. Zaima, 1989, Insider trading, ownership structure, and the market assessment of corporate sell-offs, Journal of Finance 44, 971–80.
9. Hite, G., J. Owers, and R. Rogers, 1987, The market for interfirm asset sales, Journal of Financial Economics 18, 229–52.
10. Hite, G. and M. Vetsuypens., 1989, Management buyouts of divisions and shareholder wealth. Journal of Finance 44, 953–70.
11. Jain, P., 1985, The effect of voluntary sell-off announcements on shareholder wealth, Journal of Finance 40, 209–24.
12. Jensen, M., 1986, Agency costs of free cash flow, corporate finance, and the market for takeovers, American Economic Review 76, 323–29.
13. Jensen, M. and W. Meckling, 1976, Theory of the firm: managerial behavior, agency costs and ownership structure, Journal of Financial Economics, 305–60.
14. Kaplan, S. and M. S. Weisbach, 1992, The success of acquisitions: Evidence from divestitures. Journal of Finance 47, 107–38.
15. Kim, E. and J. Schatzberg, 1987, Voluntary corporate liquidations, Journal of Financial Economics 19, 311–28.
16. Lang, L., A. Poulsen, and R. Stulz, 1995, Asset sales, firm performance, and the agency costs of managerial discretion, Journal of Financial Economics 37, 3–37.
17. Lang, L. and R. Stulz, 1994, Tobin's q, corporate diversification, and firm performance. Journal of Political Economy 102, 1248–64.
18. Lichtenberg, F., 1990, Industrial de-diversification and its consequences for productivity, NBER working paper no. 3231.
19. Linn, S. C. and M. S. Rozeff, 1989. The corporate sell-off, in J. Stern, G. B. Stewart, and D. Chew, eds., Corporate Restructuring and Executive Compensation (Ballinger Publishing Co., Cambridge, MA).
20. Lovejoy, F. A., 1971, Divestment for profit, Financial Executives Research Foundation.
21. McConnell, J. and H. Servaes, 1990, Additional evidence on equity ownership and corporate value. Journal of Applied Corporate Finance 4, 595–612.
22. Morck, R., A. Shleifer, and R. W. Vishny, 1988, Management ownership and market valuation an empirical analysis, Journal of Financial Economics 20, 293–315.
23. Palepu, K. G., 1986, Predicting takeover targets: A methodological and empirical analysis. Journal of Accounting and Economics 8, 3–35.
24. Ravenscraft, D. and F. Scherer, 1987, Mergers, sell-offs, and economic efficiency. Working paper. The Brookings Institution.
25. Shleifer, A. and R. Vishny, 1989, Management entrenchment the case of manager-specific investments. Journal of Financial Economics 25, 123–39.
26. Stulz, R., 1988, Managerial control of voting rights. Journal of Financial Economics 20, 25–54.
27. Treynor, J. and F. Black, 1976, Corporate investment decisions, in S. Myers, ed., Modern Developments in Financial Management (Praeger, New York), 310–27.