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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