Securityholder Taxes and Corporate Restructurings
用投资者税收交易模型解释公司分拆和资产剥离中的正异常股票收益，发现证券价格中税收时机选择期权价值的提升是重要原因，并分析了分拆收益高于剥离的原因。
Previous studies have found that positive abnormal stock returns are associated with corporate spin-offs and divestitures. Using a simplified model of the process of investor tax trading, we show that an improvement in the value of the tax-timing option component of securities prices is a likely contributing factor to those abnormal returns. The analysis indicates that the same phenomenon also may be part of the explanation for the generally higher returns observed for spin-offs than for divestitures, both when leverage is and is not present in the restructuring transactions.