Equity Carve-Outs , Spin-Offs and Market Reaction: Evidence From Taiwan

• Main Authors: JHIH-HUEI FAN, 范智輝
• Other Authors: Ruey-Ching, Lin
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/93041903746684948517

碩士 === 輔仁大學 === 會計學系碩士班 === 100 === The purpose of this study is to investigate the information content of the announcements of divestiture activities. The divestiture activities of this study include two types: equity carve-outs and spin-offs. My research samples regarding divestiture activities with public information disclosure conditions were gathered between 2001 and 2011. First, I applied event study to estimate the accumulated abnormal returns for divestiture announcements in each event window. A difference-of-means test was applied to examine the information contents for enterprises conducting Divestiture activities. Owing to the characteristics of the media, there was false news of divestiture activities in the capital market. For this reason, I told true divestiture activities news from the false from my research samples, and a difference-of-means test was applied to discuss the differences of information contents for enterprises with true or false divestiture activities news. Furthermore, I investigate whether the investors were able to tell the true news from the false. Finally, the true news in my research sample was classified separately according to different characters of enterprises, including different divestiture activities, different industries and purposes. Empirical results indicated that capital market announcement disposition for divestiture activities had positive evaluations, and it’s possible to leak information of divestiture activities in the stock market. Next, after I divided all samples into two groups, I found that investors didn’t distinguish true divestiture activities news from false. Finally, when I considered the characteristics of enterprises, empirical results indicated that enterprises conducting spin-offs were given the higher positive evaluation by markets. When Electronic Enterprises engaged in divestiture activities, they were given the higher positive evaluation by markets. However, when the purpose of enterprises who engaged in divestiture activities was specialization, they weren’t given the higher positive evaluation by markets.