The Formation of Public Utility Holding Companies and Their Subsequent Diversification Activity
AbstractThis paper examines the stock market reaction to announcements that utilities are converting to utility holding companies. There are negative abnormal returns associated with these announcements. Holding companies permit these utilities to diversify beyond the utility industry, and the announcements of their formation may signal the market of their intentions to diversify. The negative abnormal returns associated with these announcements and the negative abnormal returns associated with subsequent announcements of acquisitions are consistent with other research showing that diversifying bidders lose more (or gain less) than non-diversifying bidders. Copyright 1995 by Kluwer Academic Publishers
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Bibliographic InfoArticle provided by Springer in its journal Journal of Regulatory Economics.
Volume (Year): 7 (1995)
Issue (Month): 2 (March)
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- Bel, Germà & Trillas, Francesc, 2005.
"Privatization, corporate control and regulatory reform: the case of Telefonica,"
Elsevier, vol. 29(1), pages 25-51, February.
- Germa Bel & Francesc Trillas, 2004. "Privatization, Corporate Control and Regulatory Reform: The case of Telefonica," Finance 0409053, EconWPA.
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