The Long‐Run Performance of Sponsored and Conventional Spin‐Offs
研究了1994至2005年间57家赞助型分拆上市公司的长期股票表现，发现三年期收益显著为负，且母公司分拆前业绩不佳、对子公司投资不足，这可能是子公司寻求外部融资的动因。
A sponsored spin‐off takes place when an equity stake in a subsidiary is sold to an outside investor before going public. The stock return performance of a sample of 57 sponsored spin‐offs from 1994 to 2005 is significantly negative over a three‐year period following the spin‐off date. The parent firms' stock performance for the year preceding (following) the spin‐off date are below average (average) suggesting that their earlier performances were adversely affected by their subsidiaries and motivated the parents to spin them off. We also find that parent firms underinvest in the subsidiary prior to the spin‐off, which could have motivated the subsidiary to seek outside funding sources before going public .