The Effect of Voluntary Spin‐off Announcements on Shareholder Wealth

JAMES A. MILES, JAMES D. ROSENFELD

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Abstract

This paper presents estimates of the effect of a voluntary spin‐off announcement on shareholder wealth. The results show that spin‐off announcements have a positive influence on stock prices and that the relative increase in share price is greater for large spin‐offs than for small ones. 1983 The American Finance Association

Original languageEnglish (US)
Pages (from-to)1597-1606
Number of pages10
JournalThe Journal of Finance
Volume38
Issue number5
DOIs
StatePublished - Dec 1983

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All Science Journal Classification (ASJC) codes

  • Accounting
  • Finance
  • Economics and Econometrics

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