Applied Mergers and Acquisitions. Robert F. Bruner

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СКАЧАТЬ lack of transparency for investors to monitor the managers. Krisnaswami and Subramaniam (1999) find that firms undertaking spin-offs have higher levels of information asymmetry and that these problems decrease after the spin-offs. Best, Best, and Agapos (1998) find that securities analysts significantly increase their short-term earnings forecasts after spin-offs. Daley, Mehrotra, and Sivakumar (1997) find significant value creation around cross-industry spin-offs (rather than same-industry spin-offs). Vijh (2000) reports higher carve-out returns when the subsidiary is in a different two-digit SIC code from the parent. Veld and Veld-Merkoulova (2002) report significantly higher returns at spin-offs that are focus-increasing.

EXHIBIT 6.17 Summary of Studies of Market Returns to Parent and Subsidiary Shareholders at Spin-Offs

Panel A: Returns to Shareholders of Parent
Study	Cumulative Abnormal Returns at the Event	Cumulative Abnormal Returns after the Event	Sample Size	Sample Periods
Davis, Leblond (2002)	+2.92%* full sample +2.14%* industrial +3.87%* high tech (days –1,0)		93	1980–1999
Veld, Veld-Meruklova (2002)	+2.66%* full sample +2.41% U.K. subsample +3.57% focus-increasing +0.76% not focus-increasing (days –1,+1)	–0.41% full sample +5.20% focus-increasing –12.96%* not focus-increasing (months 0,+36)	200	1987–2000
Chemmanur, Paeglis (2001)	+2.11%†(days –1,+1)		19	1984–1998
McNeil, Moore (2001)	+ 3.53%* full sample +4.05%* unrelated +2.39%‡ related (days –1,+1)		152 104 48	1980–1996
Desai, Jain (1999)	+ 3.8%	+25.4% (3 yrs.)	155	1975–1991
Krishnaswami, Subramaniam (1999)	+3.28%* full sample (days –1,+1)		118	1979–1993
Arbanell, Bushee, Raede (1998)		+ 3.23% return to parents –0.86% return to spin-off (days –1,+60)	245	1980–1996
Best, Best, Agapos (1998)	+3.41%*announcement date +2.9g4%* ex-date (day 0)		72 63	1979–1993
Daley, Mehrotra, Sivakumar (1997)	+3.4%* full sample +4.3%* focus-increasing +1.4% not focus-increasing		85	1975–1991
Parrino (1997) Clinical study of one spin-off by Marriott Corporation	+13.19% announcement date +41.12% five event dates		1	1993
Johnson, Klein, Thibodeaux (1996)	+3.96%* full sample +5.42%* “back to basic” subsample	N/A	104	1975–1988
Slovin, Sushka, Ferraro (1995)	+1.3%	N/A	37	1980–1991
Cusatis, Miles, Woolridge (1993)	N/A	+12.5%‡ (1 yr.) +26.7%‡ (2 yrs.) +18.1% (3 yrs.)	146	1965–1988
Vijh (1994)	+2.9%‡ annct. date +0.79% completion date +3.03%‡ ex-date		113	1964–1990
Rosenfeld (1984)	+5.56%* full sample		35	1963–1981
Schipper, Smith (1983)	+2.8%	N/A	93	1963–1981
Hite, Owers (1983)	+3.3%	+7.0% (5 mos.)	123	1963–1981
Miles, Rosenfeld (1983)	+3.34%* full sample (days –1,0)	22.9% (9 mos.)	55	1963–1980
Panel B: Returns to Shareholders of Subsidiary СКАЧАТЬ В начало < 82 83 84 85 86 87 88 89 90 91 > В конец