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The effect of corporate divestments on shareholder wealth: The UK experience

Author

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  • Afshar, K. A.
  • Taffler, R. J.
  • Sudarsanam, P. S.

Abstract

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Suggested Citation

  • Afshar, K. A. & Taffler, R. J. & Sudarsanam, P. S., 1992. "The effect of corporate divestments on shareholder wealth: The UK experience," Journal of Banking & Finance, Elsevier, vol. 16(1), pages 115-135, February.
    • Handle: RePEc:eee:jbfina:v:16:y:1992:i:1:p:115-135
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    Citations

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    Cited by:

    1. Ephraim Clark & Patrick Rousseau & Magid Gadad, 2010. "Investor Valuation of the Abandonment Option: Empirical Evidence from UK Divestitures 1985-1991," Multinational Finance Journal, Multinational Finance Journal, vol. 14(3-4), pages 291-317, September.
    2. Chiung‐Jung Chen & Chwo‐Ming Joseph Yu, 2023. "Do sell‐off market returns benefit all shareholders?," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(3), pages 1504-1520, April.
    3. Balasingham Balachandran & Robert Faff & Roger Love & Andrew Menon, 2008. "The Impact of the Announcement of Acquisition of Divested Assets on Buyers’ Wealth - Asset Fit and Disclosure of Funds Used: Evidence from the U.K," Multinational Finance Journal, Multinational Finance Journal, vol. 12(3-4), pages 219-240, September.
    4. Mazur, Mieszko & Salganik-Shoshan, Galla, 2019. "The effect of executive stock option delta and vega on the spin-off decision," The Quarterly Review of Economics and Finance, Elsevier, vol. 72(C), pages 132-144.
    5. Cao, Jack & Owen, Sian & Yawson, Alfred, 2008. "Analysing the wealth effects of UK divestitures: An examination of domestic and international sales," Research in International Business and Finance, Elsevier, vol. 22(1), pages 68-84, January.
    6. Michelle Haynes & Steve Thompson & Mike Wright, 2007. "Executive Remuneration and Corporate Divestment: Motivating Managers to Make Unpalatable Decisions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(5‐6), pages 792-818, June.
    7. Corhay, A. & Rad, A. Tourani, 1996. "Conditional heteroskedasticity adjusted market model and an event study," The Quarterly Review of Economics and Finance, Elsevier, vol. 36(4), pages 529-538.
    8. Éric Séverin & Solène Dhennin, 2003. "Structure du capital et mesures de restructuration," Revue Finance Contrôle Stratégie, revues.org, vol. 6(1), pages 155-186, March.
    9. Gleason, Kimberly C. & Mathur, Ike & Singh, Manohar, 2000. "Wealth effects for acquirers and divestors related to foreign divested assets," International Review of Financial Analysis, Elsevier, vol. 9(1), pages 5-20, February.
    10. Abdul Magid Gadad & Hardy Thomas, 2005. "Sources of shareholders' wealth gains from asset sales," Applied Financial Economics, Taylor & Francis Journals, vol. 15(2), pages 137-141.
    11. Mary Rose Cooney & Frank Finn & Angela Karl, 2004. "Australian Divestiture Activity: An Examination of Gains to Sell-Off Announcements," Australian Journal of Management, Australian School of Business, vol. 29(1_suppl), pages 135-151, June.
    12. Finlay, William & Marshall, Andrew & McColgan, Patrick, 2018. "Financing, fire sales, and the stockholder wealth effects of asset divestiture announcements," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 323-348.
    13. Edward Lee & Stephen Lin, 2008. "Corporate Sell‐offs in the UK: Use of Proceeds, Financial Distress and Long‐run Impact on Shareholder Wealth," European Financial Management, European Financial Management Association, vol. 14(2), pages 222-242, March.
    14. Humphery-Jenner, Mark & Powell, Ronan & Zhang, Emma Jincheng, 2019. "Practice makes progress: Evidence from divestitures," Journal of Banking & Finance, Elsevier, vol. 105(C), pages 1-19.
    15. Pascal Nguyen, 2016. "The role of the seller’s stock performance in the market reaction to divestiture announcements," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 40(1), pages 19-40, January.
    16. Esther B. Del Brio & Javier Perote & Julio Pindado, 2003. "Measuring the Impact of Corporate Investment Announcements on Share Prices: The Spanish Experience," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(5‐6), pages 715-747, June.
    17. Kien Cao & Jeff Madura, 2011. "Determinants of the Method of Payment in Asset Sell‐Off Transactions," The Financial Review, Eastern Finance Association, vol. 46(4), pages 643-670, November.
    18. Bixia Xu, 2009. "Investment success and the value of investment opportunities: evidence from the biotech industry," Applied Financial Economics, Taylor & Francis Journals, vol. 19(7), pages 527-537.
    19. Maria Fotaki & Apostolos Kourtis & Raphael Markellos, 2023. "Human resources turnover as an asset acquisition and divestiture process: Evidence from the U.K. football industry," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(3), pages 2696-2711, July.
    20. Krzysztof Jackowicz & Oskar Kowalewski, 2011. "Divestments in Banking. Preliminary Evidence on the Role of External Factors," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 5(2), June.
    21. Abdul-Magid Gadad & Hardy Thomas, 2004. "Do asset sales lead to improvements in operating performance?," Applied Economics, Taylor & Francis Journals, vol. 36(8), pages 865-871.
    22. Clubb, Colin & Stouraitis, Aris, 2002. "The significance of sell-off profitability in explaining the market reaction to divestiture announcements," Journal of Banking & Finance, Elsevier, vol. 26(4), pages 671-688, April.
    23. Daniel Bartsch & Christoph J. Börner, 2007. "Werteffekte strategischer Desinvestitionen — Eine empirische Untersuchung am deutschen Kapitalmarkt," Schmalenbach Journal of Business Research, Springer, vol. 59(1), pages 2-34, February.
    24. Saeed Akbar & Syed Zulfiqar Ali Shah & Issedeeq Saadi, 2008. "Stock market reaction to capital expenditure announcements by UK firms," Applied Financial Economics, Taylor & Francis Journals, vol. 18(8), pages 617-627.
    25. Benjamin Dietz & Dodo zu Knyphausen-Aufseß, 2017. "Beyond a One-Size-Fits-All Explanation for Reacquisitions – A Cluster-based Analysis of Reacquisition Motives and Their Influence on the Involved Firms," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 18(1), pages 1-28, February.

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