The Effect of Voluntary Sell-Off Announcements on Shareholder Wealth
研究公司自愿剥离资产对股票收益的影响，发现卖方和买方均获得显著正超额收益，但买方收益较小，且卖方在公告前表现不佳。
Sell-off activities arise when a firm sells part of its assets (e.g., a segment, a division, etc.) but continues to exist in essentially the same form. This study investigates the effect of voluntary sell-offs on stock returns. From a sample of over 1000 sell-off events (first public announcements), the evidence shows that both sellers and buyers earn significant positive excess returns from these transactions. The excess returns earned by buyers are smaller than those earned by sellers. There is also evidence that sell-off announcements are preceded by a period of significant negative returns for the sellers which suggests that the sellers, on average, performed poorly prior to their sell-off activities.