Can Takeover Losses Explain Spin-Off Gains?
检验了公司分拆公告前后的超额股票收益是否部分源于此前收购中损失的价值的恢复，发现收购公告期收益与分拆公告期收益显著负相关。
This paper evaluates the conjecture that excess stock returns that have been documented around the announcement of corporate spin-offs represent, at least in part, the re-creation of value destroyed at the time of an earlier acquisition. We evaluate this question with a sample of spin-offs that originated as earlier acquisitions. At the time of the original acquisition, on average, announcement period returns to the bidder and the combined bidder and target firm are negative and significant. Additionally, announcement period returns at the time of the spin-off are negatively and significantly correlated with acquisition announcement period returns.