Pricing an Emerging Industry: Evidence from Internet Subsidiary Carve-Outs
通过比较互联网子公司分拆与母公司的投资者估值，发现投资者对直接持有的互联网资产估值高于间接持有，并排除了税收、流动性和代理成本等替代解释。
We examine price behavior in the emerging Internet industry by comparing investor valuation of Internet subsidiary carve-outs with that of the parent. We provide examples of parent firms whose Internet carve-out holdings exceed the market value of the entire parent by a large magnitude and over an extended period of time. We reject alternative tax, liquidity, and agency cost hypotheses previously proposed as explanations of a related phenomenon, the closed-end fund discount. We conclude that investors, or at least an important clientele of investors, value direct Internet asset holdings more richly than indirect holdings via the parent.