On the Good News in Equity Carve-Outs
发现市场将母公司出售全资子公司股权的公告视为关于母公司现有股权价值的好消息，这与其它公开股权融资的市场反应形成鲜明对比，并用Myers和Majluf（1984）框架解释了这一现象。
The announcement of the sale of equity in a wholly owned subsidiary of a corporation is received by the market as good news about the value of the existing equity in the parent corporation. This is in stark contrast to announcements of other forms of public equity financing. We show that the apparent inconsistency between the market response to equity carve-out announcements and other forms of equity financing can be easily understood in the Myers and Majluf (1984) framework. It is shown that firms that resort to an equity carve-out will be firms that, on average, are being undervalued by the market.