000 02847nam a22003975i 4500
001 978-3-8350-9363-8
003 DE-He213
005 20161121230907.0
007 cr nn 008mamaa
008 100301s2006 gw | s |||| 0|eng d
020 _a9783835093638
_9978-3-8350-9363-8
024 7 _a10.1007/978-3-8350-9363-8
_2doi
050 4 _aHG1-HG9999
072 7 _aKFF
_2bicssc
072 7 _aBUS027000
_2bisacsh
082 0 4 _a332
_223
100 1 _aPojezny, Nikolas.
_eauthor.
245 1 0 _aValue Creation in European Equity Carve-Outs
_h[electronic resource] /
_cby Nikolas Pojezny.
264 1 _aWiesbaden :
_bDUV,
_c2006.
300 _aXXVI, 313 p.
_bonline resource.
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
347 _atext file
_bPDF
_2rda
505 0 _aDefinitions 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 _aThe 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 _aFinance.
650 1 4 _aFinance.
650 2 4 _aFinance, general.
710 2 _aSpringerLink (Online service)
773 0 _tSpringer eBooks
776 0 8 _iPrinted edition:
_z9783835005266
856 4 0 _uhttp://dx.doi.org/10.1007/978-3-8350-9363-8
912 _aZDB-2-SBE
950 _aBusiness and Economics (Springer-11643)
999 _c505536
_d505536