Corporate Sell‐offs in the UK: Use of Proceeds, Financial Distress and Long‐run Impact on Shareholder Wealth
研究英国公司资产剥离公告后的长期回报表现，发现剥离后五年内存在显著负异常回报，且资金用途不影响这一结果；但用于减债的现金收入、财务困境深或增长前景好的公司，其长期回报与现金收入正相关。
Abstract This study examines the long‐run return performance following UK corporate sell‐off announcements. We observe significant negative abnormal returns up to five years subsequent to sell‐off announcements. Our finding is robust to various specifications, irrespective of the intended use of proceeds. We also find a significantly positive association between long‐run abnormal returns and the magnitude of cash proceeds for sellers reducing corporate debt as well as for sellers with deeper financial distress or higher growth prospects. Overall, we find that UK corporate sell‐offs are associated with declines in subsequent shareholder wealth.