English, Article edition: Divestitures: wealth transfers or real economic gains? Abdul-Magid Gadad; Andrew Stark; Hardy Thomas

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Bookmark: http://trove.nla.gov.au/version/50235
Physical Description
  • article
Language
  • English

Edition details

Title
  • Divestitures: wealth transfers or real economic gains?
Author
  • Abdul-Magid Gadad
  • Andrew Stark
  • Hardy Thomas
Physical Description
  • article
Notes
  • We investigate whether divestitures are associated with changes in operating performance. We evaluate the total operating performance of a pro-forma combination of seller and buyer firm in each divestiture and of the seller and buyer firms separately. We control for industry performance, pre-sale performance of the seller and buyer firms and the level of persistence in their operating performances. The total operating performance of the pro-forma combination increases by 3.2% per annum and the operating performance of the seller (buyer) firms increases by 3.0% (3.1%) per annum, on average, for 3 years after the sell offs. We conclude that divestitures lead to real economic gains and not merely a zero-sum transfer.
  • RePEc:taf:apfiec:v:19:y:2009:i:13:p:1073-1081
Language
  • English
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