The Effect of Voluntary Spin‐off Announcements on Shareholder Wealth
估计了自愿分拆公告对股东财富的影响，发现公告对股价有正面作用，且大分拆的股价涨幅大于小分拆。
ABSTRACT This paper presents estimates of the effect of a voluntary spin‐off announcement on shareholder wealth. The results show that spin‐off announcements have a positive influence on stock prices and that the relative increase in share price is greater for large spin‐offs than for small ones.