资源描述：
《Information asymmetry, valuation, and the corporate spin-off decision教程》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、JournalofFinancialEconomics53(1999)73}112Informationasymmetry,valuation,andtheqcorporatespin-o!decisionSudhaKrishnaswami!,*,VenkatSubramaniam"!CollegeofBusinessAdministration,UniversityofNewOrleans,NewOrleans,LA70148,USA"A.B.FreemanSchoolofBusiness,TulaneUniversity,New
2、Orleans,LA70118,USAReceived12August1997;receivedinrevisedform15July1998;accepted1January1999AbstractWeempiricallyanalyzetheinformationhypothesisthattheseparationofa"rm'sdivisionsintoindependentlytradedunitsthroughaspin-o!enhancesvaluebecauseitmitigatesinformationasymme
3、tryaboutthe"rm.Consistentwiththishypothesis,we"ndthat"rmsthatengageinspin-o!shavehigherlevelsofinformationasymmetrycomparedtotheirindustryandsizematchedcounterpartsandtheinformationproblemsdecreasesigni"cantlyafterthespin-o!.Thegainsaroundspin-o!sarepositivelyrelatedto
4、thedegreeofinformationasymmetry,andthisrelationismorepronouncedfor"rmswithfewernegativesynergiesbetweendivisions.Finally,"rmswithhighergrowthopportuni-tiesand"rmsinneedofexternalcapitalshowahigherpropensitytoengageinspin-o!s.Theyalsoraisemorecapitalfollowingaspin-o!,wh
5、ichisconsistentwiththeviewthat*Correspondingauthor.Tel.:#1-504-280-6488;fax:#1-504-280-6397.E-mailaddress:skrishn1@uno.edu(S.Krishnaswami)qWethankJe!reyAllen,JohnBizjak,PeterBrous,RickCarter,ArnoldCowan,DaveDenis,DaveEllis,DonFraser,StevenPottier,RussRobins,AtulyaSarin
6、,AjaiSingh,andseminarparticipantsatIowaStateUniversity,SantaClaraUniversity,SeattleUniversity,TempleUniver-sity,TexasA&MUniversity,theUniversityofNewOrleans,the1996WesternFinanceAssociationmeetingsandthe1998FinancialManagementAssociationmeetingsfortheircommentsonanearl
7、ierversionofthepaper.WethankSriniKrishnamurthyforprovidingussomeoftheequityissuesdata.WealsothankI/B/E/SInternational,Inc.,forprovidingusearningsforecastdataaspartofanacademicprogramtoencourageearningsexpectationsresearch.WeareespeciallygratefultoScottLee,ananonymousre
8、feree,andG.WilliamSchwert(theeditor)forsuggestionsthathaveimprovedthepapersubstantially.Allerrorsremainourresponsibil
