Management Buyouts of Divisions and Shareholder Wealth
研究母公司股东在宣布部门管理层收购时的财富效应，发现收购公告期间股价小幅但显著上涨，表明资产所有权被重新配置到更高价值用途，母公司股东分享了预期收益。
This paper examines the wealth effects to parent company shareholders around the announcement of divisional management buyouts. Despite the relative absence of "arm's-length" bargaining between buyer and seller, there is no evidence that divisional management buyouts result in reductions in parent company share prices. Instead, small but statistically significant wealth gains are found during the two-day period surrounding the buyout announcement. This evidence suggests that divisional buyouts reallocate ownership of corporate assets to higher valued uses and that parent company stockholders share in the expected benefits of this change in ownership structure.