Value Creation in European Equity Carve-Outs

Value Creation in European Equity Carve-Outs

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Employing the most comprehensive sample of European carve-outs to date, Nikolas Pojezny analyzes the performance of carve-outs along various dimensions: Both the reaction of parent firms to the announcement of a carve-out as well as share price and operating performance in a multi-year window around the event are examined in detail.The authors link this to generally observed effects of the lunar cycle on human behaviour.a€ 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, ... Chong/Hudson/Keasey/Littler (2005) find that the size of the holiday effect has declined in the US, with its sign even reversed in the 1991anbsp;...

Title:Value Creation in European Equity Carve-Outs
Author:Nikolas Pojezny
Publisher:Springer Science & Business Media - 2007-10-24


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