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Please use this identifier to cite or link to this item: http://hdl.handle.net/1893/347
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dc.contributor.authorVeld, Chrisen_UK
dc.contributor.authorVeld-Merkoulova, Yulia Ven_UK
dc.date.accessioned2013-05-31T23:10:20Z-
dc.date.available2013-05-31T23:10:20Z-
dc.date.issued2008en_UK
dc.identifier.urihttp://hdl.handle.net/1893/347-
dc.description.abstractWe analyze the effect of daily stock and bond abnormal returns around spin-off announcements. Over a three-day event window, we find statistically significant abnormal returns of 3.07% for stocks and 0.11% for straight bonds. Both stock and bond abnormal returns are higher for firms with lower interest and dividend payouts. Stock abnormal returns are also higher for firms with higher pre-spin-off leverage. Overall, we find that the firm value increase compensates for the wealth transfer effect and that bondholders’ wealth is not reduced as a result of spin-off.en_UK
dc.language.isoenen_UK
dc.publisherWiley-Blackwellen_UK
dc.relationVeld C & Veld-Merkoulova YV (2008) An empirical analysis of the stockholder-bondholder conflict in corporate spin-offs. Financial Management, 37 (1), pp. 103-124. https://doi.org/10.1111/j.1755-053X.2008.00006.xen_UK
dc.rightsThe definitive version is available at www.blackwell-synergy.comen_UK
dc.subjectSpin-offen_UK
dc.subjectWealth transferen_UK
dc.subjectDivestituresen_UK
dc.subjectStockholdersen_UK
dc.subjectBondholdersen_UK
dc.subjectStocks Pricesen_UK
dc.subjectBonds Pricesen_UK
dc.subjectInvestment analysisen_UK
dc.titleAn empirical analysis of the stockholder-bondholder conflict in corporate spin-offsen_UK
dc.typeJournal Articleen_UK
dc.identifier.doi10.1111/j.1755-053X.2008.00006.xen_UK
dc.citation.jtitleFinancial Managementen_UK
dc.citation.issn1755-053Xen_UK
dc.citation.issn0046-3892en_UK
dc.citation.volume37en_UK
dc.citation.issue1en_UK
dc.citation.spage103en_UK
dc.citation.epage124en_UK
dc.citation.publicationstatusPublisheden_UK
dc.citation.peerreviewedRefereeden_UK
dc.type.statusAM - Accepted Manuscripten_UK
dc.contributor.affiliationUniversity of Stirlingen_UK
dc.contributor.affiliationAccounting & Financeen_UK
dc.identifier.isiWOS:000254897900005en_UK
dc.identifier.scopusid2-s2.0-70350173726en_UK
dc.identifier.wtid842839en_UK
dcterms.dateAccepted2008-12-31en_UK
dc.date.filedepositdate2008-04-25en_UK
rioxxterms.typeJournal Article/Reviewen_UK
rioxxterms.versionAMen_UK
local.rioxx.authorVeld, Chris|en_UK
local.rioxx.authorVeld-Merkoulova, Yulia V|en_UK
local.rioxx.projectInternal Project|University of Stirling|https://isni.org/isni/0000000122484331en_UK
local.rioxx.freetoreaddate2008-12-31en_UK
local.rioxx.licencehttp://www.rioxx.net/licenses/under-embargo-all-rights-reserved||2008-12-31en_UK
local.rioxx.licencehttp://www.rioxx.net/licenses/all-rights-reserved|2008-12-31|en_UK
local.rioxx.filenamestockholder-bondholder-conflict-fm-final.pdfen_UK
local.rioxx.filecount1en_UK
local.rioxx.source0046-3892en_UK
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