Deciphering the Motives for Equity Carve‐Outs
分析了181个股权分拆案例，发现分拆后经营业绩下降，母公司出售更多股份时后续表现更差，表明许多分拆并非为了提高效率，而是为了出售可能被高估的股权。
Abstract I analyze 181 equity carve‐outs to determine whether the transactions are motivated by potential efficiency improvements or by an opportunity to sell overvalued equity. Carve‐out operating performance peaks at issue, declining significantly thereafter. Parents sell a greater percentage of shares when subsequent performance is poor. A negative relation also exists between long‐term excess returns and the percentage of shares sold. If subsequent performance is correlated with the degree to which parent managers believe carve‐out subsidiaries are over‐ or undervalued, results imply that many carve‐outs are conducted, not to improve efficiency, but to sell potentially overvalued equity.