Tracking Stock or Spin‐Off? Determinants of Choice
研究企业在股权重组中选择追踪股票还是分拆的决定因素，发现内部资本市场价值、交叉补贴和内部人持股是关键，市场对追踪股票公告反应更积极。
I examine the roles of valuable internal capital markets, cross‐subsidization, and insider ownership as determinants of choice between tracking stock and spin‐offs in corporate equity restructuring. I show that conglomerates are more likely to choose tracking stock if they want to obtain some of the benefits offered by a spin‐off, without loosing the potential for valuable internal capital markets. My results suggest that the market rewards firms with valuable internal capital markets that opt for tracking stocks, and penalizes the possibility of consolidated tax treatments. The market also reacts more favorably to unanticipated tracking‐stock announcements.