By Pojezny, Nikolas
The full of fairness carve-outs (i.e. IPOs of subsidiary corporations) in Europe during the last twenty years quantities to approx. ninety billion euros. Carve-outs hence account for nearly 20% of the complete IPO quantity. businesses use them for various purposes aimed toward expanding shareholder price. however, now not all carve-outs truly do create worth.
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Extra resources for Value Creation in European Equity Carve-Outs
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3 Efficient market hypothesis An understanding of the efficient market hypothesis (EMH) is fundamental to assessing the question of whether ECOs produce abnormal returns both in the short and in the 96 See Hakansson (1982), p. 977. 97 See Jensen (1993), p. 850. For example, a conglomerate company may manufacture products which are not competitive but whose existence is cross=subsidized by other profitable projects. This may not be possible any longer when the subsidiary becomes a stand-alone company.
131 See Cao/Wei (2005) for a detailed survey of literature linking a person's mood to his decision making process. 129 26 weekends with a "loss" of one hour. Yuan/Zheng/Zhu (2006) link stock returns to lunar phases: Stock returns tend to be higher around a new moon than around full moon. The authors link this to generally observed effects of the lunar cycle on human behaviour. 132 Kamstra/Kramer/Levi (2003) find that stock market returns are influenced by a seasonal affective disorder (SAD), a clinically recognised form of mood shift in winter months, in eight out of nine international markets.
25 average returns on Tuesdays for some European and Asian countries 128, possibly indicating spill-over effects on these markets from the US. Related to this, Jaffe/Westerfield/Ma (1989) find that negative returns on Mondays tend to follow negative market returns in the prior week, while Monday returns are not different from zero when market returns were positive in the prior week ('twist-of-the-Monday effect'). Aggarwal/Leal (1996) confirm this effect for the Brazilian stock market. Keim (1983) finds that a large proportion of the abnormal gains of the small-firm effect occur in January ('January' or 'turn-of-the-year effect').