Restructuring and Firm Value: The Effects of Profitability and Restructuring Purpose
研究重组费用与股票回报的关系，发现亏损公司的裁员或退出业务重组能提升价值，而盈利公司的重组与回报无正相关。
This study extends prior research on the information content of restructuring charges. We find that the relationship between restructuring activities and returns during the restructuring charge year is different for loss firms than for profit firms. Restructurings that are primarily intended to either eliminate personnel or exit a line of business are positively associated with returns of the loss firms, suggesting that investors view these activities as value‐increasing. In contrast, common stock returns of profit firms exhibit a nonpositive association with restructuring charges. Overall, our results point to the role of the context and the content of the restructuring announcement in the market's assessment of the value relevance of restructuring charges reported in the financial statements.