Asset sales and increase in focus
研究发现资产出售后三年内，卖方剩余资产的经营绩效会改善，这种改善主要发生在业务聚焦度提高的企业中，且与剥离公告时的股票回报正相关。
We find that asset sales lead to an improvement in the operating performance of the seller's remaining assets in each of the three years following the asset sale. The improvement in performance occurs primarily in firms that increase their focus; this change in operating performance is positively related to the seller's stock return at the divestiture announcement. The announcement stock returns are also greater for focus-increasing divestitures. Further, we find evidence that some of the seller's gains result from a better fit between the divested asset and the buyer.