Applied Mergers and Acquisitions. Robert F. Bruner

Чтение книги онлайн.

СКАЧАТЬ Desai, Jain (1999) N/A + 15.7% (1 yr.) +36.2% (2 yrs.) +32.3% (3 yrs.) 155 1975–1991 Cusatis, Miles, Woolridge (1994) N/A +4.5% (1 yr.) +25.0% (2 yrs.) +33.6% (3 yrs.) 161 1965–1990

      Unless otherwise noted, event date is announcement date of transaction.

*Significant at the 0.99 level or better.

†Significant at the 0.90 level.

‡Significant at the 0.95 level.

EXHIBIT 6.18 Summary of Studies of Market Returns to Parent and Subsidiary Shareholders at Carve-Outs

СКАЧАТЬ

---

Panel A: Returns to Shareholders of Parent
Study	Cumulative Abnormal Returns at the Event	Cumulative Abnormal Returns after the Event	Sample Size	Sample Period	Notes
Vijh (2002)	+1.94%* full sample +4.92%* sub is large +1.19%* sub is small (days –1,+1)		336	1980–1997	Tests reject the asymmetric information hypothesis and support the divestiture gains hypothesis.
Hurlburt, Miles, Wool ridge (2002)	+1.92%* full sample +2.10%* cross-industry –0.39% own industry		185 153 30	1981–1994	Finds negative effect of carve-out announcement on rival firms.
Hogan, Olsen (2002)	+11.42% carve-outs +16.53% IPOs matched (day 0)		219	1991–2000	Carve-out returns are lower than returns in a matched sample of IPOs at offering.
Schill, Zhou (2001)	+11.3%† (days –1,+1)		11	2000	Focus on carve-outs of Internet subsidiaries.
Haushalter, Mikkelson (2001)	+3.39%* full sample (days –2,+2)		13	1994–1996
Hulburt, Miles, Wool ridge (2000)	+1.9%* (days –1,0)		185	1981–1994
Vijh (2000)	+ 1.94%* full sample +2.25%* sub nor related industry +0.80% sub is related (days –1,+1)		336 221 100	1980–1997
Prezas, Tarimcilar, Vasudevan (2000)	+5.83%* (day 0)	7.61%* (6 mos.) 11.75%* (1 yr.) 21.07%* (3 yrs.)	237	1986–1995	Carve-out returns are lower than returns in a matched sample of IPOs at offering and over the postoffering time periods.
Allen (1998)		+33.2% HPR (0,12 months) +229.3% HPR (0,60) Holding period returns adjusted for industry returns	1	1983–1995	Clinical study of 11 carve-outs by Thermo Electric
Allen, McConnell (1998)	+2.12%* full sample +6.63%* proceeds paid out –0.01% proceeds are retained (days –1,+ 1)		186 54 60	1978–1993
Slovin, Sushka, Ferraro (1995)	+1.2%‡(days –l,0)		32	1982–1991
Klein, Rosenfeld, Beranek (1991)	+2.75%* full sample		52	1966–1980
Schipper, Smith (1986)	+1.83%‡ subsidiary –3.5%* parent (days –4,0)	–0.5% subsidiary –1.40% parent (days +1,+40)	76	1965–1983
Chemmanur, Paeglis (2001)	+1.96%‡ (days –1,+1)