Value Creation from Equity Carve-Outs
基于1980-1990年代大量股权分拆事件，发现分拆母公司的竞争对手在公告期有负回报，支持资产剥离收益假说，且母子公司运营绩效均有改善。
Using a large sample of equity carve-out events during the 1980s and 1990s, we find that rivals of carve-out parent firms display negative announcement-period returns. This finding distinguishes the divestiture gains hypothesis from the asymmetric information hypothesis. Additional tests provide further support for the divestiture gains hypothesis. Operating performance improvements for both parents and their carved-out subsidiaries are evident.