000 -LEADER |
fixed length control field |
02847nam a22003975i 4500 |
001 - CONTROL NUMBER |
control field |
978-3-8350-9363-8 |
003 - CONTROL NUMBER IDENTIFIER |
control field |
DE-He213 |
005 - DATE AND TIME OF LATEST TRANSACTION |
control field |
20161121230907.0 |
007 - PHYSICAL DESCRIPTION FIXED FIELD--GENERAL INFORMATION |
fixed length control field |
cr nn 008mamaa |
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
fixed length control field |
100301s2006 gw | s |||| 0|eng d |
020 ## - INTERNATIONAL STANDARD BOOK NUMBER |
International Standard Book Number |
9783835093638 |
-- |
978-3-8350-9363-8 |
024 7# - OTHER STANDARD IDENTIFIER |
Standard number or code |
10.1007/978-3-8350-9363-8 |
Source of number or code |
doi |
050 #4 - LIBRARY OF CONGRESS CALL NUMBER |
Classification number |
HG1-HG9999 |
072 #7 - SUBJECT CATEGORY CODE |
Subject category code |
KFF |
Source |
bicssc |
072 #7 - SUBJECT CATEGORY CODE |
Subject category code |
BUS027000 |
Source |
bisacsh |
082 04 - DEWEY DECIMAL CLASSIFICATION NUMBER |
Classification number |
332 |
Edition number |
23 |
100 1# - MAIN ENTRY--PERSONAL NAME |
Personal name |
Pojezny, Nikolas. |
Relator term |
author. |
245 10 - TITLE STATEMENT |
Title |
Value Creation in European Equity Carve-Outs |
Medium |
[electronic resource] / |
Statement of responsibility, etc. |
by Nikolas Pojezny. |
264 #1 - PRODUCTION, PUBLICATION, DISTRIBUTION, MANUFACTURE, AND COPYRIGHT NOTICE |
Place of production, publication, distribution, manufacture |
Wiesbaden : |
Name of producer, publisher, distributor, manufacturer |
DUV, |
Date of production, publication, distribution, manufacture, or copyright notice |
2006. |
300 ## - PHYSICAL DESCRIPTION |
Extent |
XXVI, 313 p. |
Other physical details |
online resource. |
336 ## - CONTENT TYPE |
Content type term |
text |
Content type code |
txt |
Source |
rdacontent |
337 ## - MEDIA TYPE |
Media type term |
computer |
Media type code |
c |
Source |
rdamedia |
338 ## - CARRIER TYPE |
Carrier type term |
online resource |
Carrier type code |
cr |
Source |
rdacarrier |
347 ## - DIGITAL FILE CHARACTERISTICS |
File type |
text file |
Encoding format |
PDF |
Source |
rda |
505 0# - FORMATTED CONTENTS NOTE |
Formatted contents note |
Definitions and theoretical foundations -- Short-term price performance of European equity carve-outs -- Long-term operating performance of European equity carve-outs -- Long-term price performance of European equity carve-outs -- What do we learn about internal capital markets from equity carve-outs? -- Determinants of the nature of the second event in European equity carve-outs -- Conclusion. |
520 ## - SUMMARY, ETC. |
Summary, etc. |
The total volume of equity carve-outs (i.e. IPOs of subsidiary firms) in Europe over the last 20 years amounts to approx. € 90 billion. Carve-outs thus account for almost 20% of the total IPO volume. Companies use them for a variety of reasons aimed at increasing shareholder value. Nevertheless, not all carve-outs actually do create value. Employing the most comprehensive sample of European carve-outs to date, Nikolas Pojezny analyzes the performance of carve-outs along various dimensions: Both the reaction of parent firms to the announcement of a carve-out as well as share price and operating performance in a multi-year window around the event are examined in detail. While the announcement of carve-outs on average causes positive share price reactions for parent firms, long-term performance is mixed: Evidence for both earnings management and market timing is found, with negative implications for long-term performance. The potential for value creation increases in the relative discrepancy level between internal and external capital markets. The second event decision seems mainly driven by the valuation level of the subsidiary, industry association, initial stake sold, and development state of external capital markets. |
650 #0 - SUBJECT ADDED ENTRY--TOPICAL TERM |
Topical term or geographic name entry element |
Finance. |
650 14 - SUBJECT ADDED ENTRY--TOPICAL TERM |
Topical term or geographic name entry element |
Finance. |
650 24 - SUBJECT ADDED ENTRY--TOPICAL TERM |
Topical term or geographic name entry element |
Finance, general. |
710 2# - ADDED ENTRY--CORPORATE NAME |
Corporate name or jurisdiction name as entry element |
SpringerLink (Online service) |
773 0# - HOST ITEM ENTRY |
Title |
Springer eBooks |
776 08 - ADDITIONAL PHYSICAL FORM ENTRY |
Relationship information |
Printed edition: |
International Standard Book Number |
9783835005266 |
856 40 - ELECTRONIC LOCATION AND ACCESS |
Uniform Resource Identifier |
http://dx.doi.org/10.1007/978-3-8350-9363-8 |
912 ## - |
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ZDB-2-SBE |