Write‐Down Timeliness, Line‐of‐Business Disclosures and Investors’ Interpretations of Segment Divestiture Announcements
研究投资者如何预期并解读分部剥离中的资产减值，发现减值及时性和分部报告规则下的前期披露会影响投资者的预期和公告反应。
Abstract: This paper examines investors’ anticipation and subsequent interpretations of asset write‐downs accompanying segment divestitures. Examining long‐window returns cumulated over the two years preceding the year of divestiture, we hypothesize and find that investors anticipate write‐downs of segment operating assets before divestiture and recognition occurs, with anticipation conditional on the timeliness of the write‐down and prior disclosure of the segments’ operating results under segment reporting rules. Short‐window returns cumulated over the three days surrounding the announcement of the divestiture confirm that investor interpretations of asset write‐downs are similarly contingent on write‐down timeliness and prior disclosure.