An Analysis of Divestiture Effects Resulting from Deregulation
利用资本市场数据，研究AT&T拆分过程中放松管制、撤销反垄断指控及共同保险效应逆转带来的资产剥离效应，发现财富向AT&T证券持有者转移，且监管缓冲效应减弱。
ABSTRACT Capital market data were used to examine the divestiture effects pertaining to deregulation, the dropping of antitrust charges, and the reversing of the co‐insurance effect associated with the recent breakup of AT&T. The empirical results of the study indicate that significant economic events took place during the breakup process, which led to transfers of wealth from various parties to the securityholders of AT&T. The results also indicate that the buffering effect of regulation was reduced as AT&T went through the total deregulation process. This is in accordance with Peltzman's prediction.