Investigating the Valuation Effects of Announcements of Voluntary Corporate Selloffs
研究公司管理层宣布自愿出售部分业务对股东财富的影响，发现公告日有正异常回报，但出售前通常经历负异常回报，暗示负面信息提前释放。
ABSTRACT While there has been an abundance of empirical research on the subject of mergers and acquisitions, little research exists on a closely related topic—voluntary corporate selloffs. This study examines the effect on shareholder wealth of the announcement by management of an investment decision to voluntarily sell part of its operations to another firm. Positive abnormal returns are found to occur on the announcement date. However, it is found that such selloffs generally occur after a period of abnormally negative returns, suggesting the announcement is preceded by the release of negative information about the firm.