THE MARKET FOR INTERFIRM ASSET SALES - PARTIAL SELL-OFFS AND TOTAL LIQUIDATIONS
研究企业自愿出售部分或全部资产的估值影响：部分剥离中买卖双方获得显著正收益，但失败方收益消失；整体清算则带来更高异常收益，支持资源流向更高价值用途的解释。
Abstract We investigate the valuation consequences of voluntary proposals to sell part or all of a corporation's assets. For partial sell-offs, successful sellers and buyers reap statistically significant abnormal returns of 1.66% and 0.83%, respectively. Unsuccessful sellers realize gains at the bid announcement of 1.41% that are lost at the offer termination. In contrast, proposals to liquidate the firm are associated with significant average abnormal returns of 12.24%. We interpret these findings as evidence that asset sales are associated with the movement of resources to higher-valued uses rather than as evidence of market mispricing before the divestiture announcements.