Rearranging Residual Claims: A Case for Targeted Stock
分析了一种新的股权重组方式：目标股票，发现其公告期股价反应平均为正，可能源于业务透明度提高和部门经理激励增强，适用于整合收益大于分离收益的企业。
This paper describes and analyzes a relatively new method of equity-based restructuring, Targeted Stock. We examine announcement period share price reactions for completed, pending , and canceled offerings. Although the total number of completed transactions to date is small, we document a positive share price reaction on average for this form of equity reorganization, likely due to the greater transparency of particular business segments of a broadly diversified firm and to the increased ability to reward division managers for their specific contributions. We also compare and contrast Targeted Stock with alternative equity reorganization forms. Targeted Stock is most useful for firms in which the benefits of integration and control over corporate operating and financing activities outweigh the benefits of a complete or partial separation of the targeted business unit(s).