An Empirical Analysis of the Stockholder‐Bondholder Conflict in Corporate Spin‐Offs
分析公司分拆公告前后股票和债券的异常回报，发现股票和债券均有显著正回报，且债券持有人财富未受损，表明公司价值增加补偿了财富转移效应。
We analyze the effect of daily stock and bond abnormal returns around spin‐off announcements. Over a three‐day event window, we find statistically significant abnormal returns of 3.07% for stocks and 0.11% for straight bonds. Both stock and bond abnormal returns are higher for firms with lower interest and dividend payouts. Stock abnormal returns are also higher for firms with higher pre‐spin‐off leverage. Overall, we find that the firm value increase compensates for the wealth transfer effect and that bondholders' wealth is not reduced as a result of spin‐off.