Divestitures as a tool to improve business performance of nonfinancial companies

The testing whether there is a significant market reaction to the divestiture deal announcement in market. Testing of the hypothesis that divestitures create value for shareholders of a parent company to help managers justify the need of divestiture deal.

Рубрика Финансы, деньги и налоги
Вид дипломная работа
Язык русский
Дата добавления 01.09.2018
Размер файла 152,2 K

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Appendix

Abnormal returns to parent firm shareholders in divestiture deals

Study

Sample period, Sample size, Country/Region

Event window

Parent company abnormal return, %

Dasilas, Levetnis, 2017

1997-2011, 60, Europe

(-20;20), (-1;0)

2, 014 - 2, 64%

Hwan Shin, 2008

2000-2006, 308, Korea

(-1;0), (-1;1), (-5;5)

0, 63%

Lang et al., 1995

1984-1989, 93, USA

(-1;0), (-5;5)

2, 8%

Benou et al, 2008

1980-2001, 2040, USA

(-1;0), (-1;1)

0, 76 - 1, 46%

Finlay et al, 2016

1988-2009, 10718, UK

(-1;1)

-0, 96 - 1, 08%

Borisova et al, 2013

1998-2008, 1458, USA

(-1;0), (-1;1)

0, 04 - 3, 18%

Daley et al, 1996

1975-1991, 170, USA

(-1;0)

3, 4 - 4, 3%

Rosenfeld, 1984

1963-1981, 35, USA

(-30;30), (-1;0), (1;10)

2, 05 - 5, 25%

Clubb, 2002

1984-1994, 187, USA

(-1;0), (-1;1), (-3;1)

0, 8 - 1, 1%

Variables description

Variables

Description

Crisis

Crisis 2008-2009. 1 for acquisitions before mid-2007, 0 for acquisitions after 2009

Similarity

1 if the parent company and the divested asset have different primary SIC code, 0 otherwise

Cross-border

1 if parent company and divested asset have different countries of origin, 0 otherwise

Innovativeness

1 if parent company operates primarily is one of the innovative industries, 0 otherwise

Distribution by country of target firm

Country

%

China

198

47, 6%

Brazil

35

8, 4%

India

31

7, 5%

Russian Federation

17

4, 1%

Malaysia

13

3, 1%

South Africa

12

2, 9%

United States of America

11

2, 6%

Hong Kong

11

2, 6%

Australia

11

2, 6%

Singapore

8

1, 9%

Indonesia

7

1, 7%

Philippines

7

1, 7%

Turkey

6

1, 4%

United Kingdom

5

1, 2%

Thailand

4

1, 0%

Germany

3

0, 7%

Colombia

3

0, 7%

Netherlands

3

0, 7%

Pakistan

2

0, 5%

Portugal

2

0, 5%

New Zealand

2

0, 5%

Italy

2

0, 5%

Uruguay

1

0, 2%

South Korea

1

0, 2%

France

1

0, 2%

Jamaica

1

0, 2%

Argentina

1

0, 2%

Spain

1

0, 2%

Canada

1

0, 2%

Armenia

1

0, 2%

Poland

1

0, 2%

Switzerland

1

0, 2%

Nigeria

1

0, 2%

Netherlands Antilles

1

0, 2%

Ukraine

1

0, 2%

Namibia

1

0, 2%

Kazakhstan

1

0, 2%

Swaziland

1

0, 2%

Mozambique

1

0, 2%

Zimbabwe

1

0, 2%

Ivory Coast

1

0, 2%

Peru

1

0, 2%

Bulgaria

1

0, 2%

Chile

1

0, 2%

Papua New Guinea

1

0, 2%

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