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Learning the wealth effects from equity carve-outs

Author

Listed:
  • Asad Iqbal Mashwani
  • Sébastien Dereeper

    (CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon, AMU - Aix Marseille Université, AMU IAE - Institut d'Administration des Entreprises (IAE) - Aix-en-Provence - AMU - Aix Marseille Université)

  • Michael Dowling
  • Saqib Aziz

Abstract

We investigate how the market can provide early signals about the eventual effects of an equity carve-out on the wealth of parent firm shareholders. Using a sample of equity carve-outs from 1985–2015, we show that most wealth information regarding the IPO valuation of a subsidiary is observable in the share returns of the parent firm during the book-building period. Our study therefore adds timing and process understanding to existing studies showing a wealth impact of equity carve-outs on parent company shareholders.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Asad Iqbal Mashwani & Sébastien Dereeper & Michael Dowling & Saqib Aziz, 2020. "Learning the wealth effects from equity carve-outs," Post-Print hal-05483844, HAL.
    • Handle: RePEc:hal:journl:hal-05483844
    DOI: 10.1016/j.frl.2019.05.009
    as

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