The Effect of Voluntary Spin‐off Announcements on Shareholder Wealth

  • Author(s): JAMES A. MILES, JAMES D. ROSENFELD
  • Published: Apr 30, 2012
  • Pages: 1597-1606
  • DOI: 10.1111/j.1540-6261.1983.tb03843.x

ABSTRACT

This paper presents estimates of the effect of a voluntary spin‐off announcement on shareholder wealth. The results show that spin‐off announcements have a positive influence on stock prices and that the relative increase in share price is greater for large spin‐offs than for small ones.

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