Information asymmetry, valuation, and the corporate spin-off decision

Regression Quantiles

1978 • 10,648 citations

The investment opportunity set and corporate financing, dividend, and compensation policies

1992 • 3,817 citations

Diversification's effect on firm value

1995 • 3,155 citations

Diversification strategy, profit performance and the entropy measure

1985 • 1,586 citations

Corporate focus and stock returns

1995 • 1,132 citations

Analysts' forecasts as earnings expectations

1988 • 1,063 citations

On corporate governance

1983 • 993 citations

Asset sales and increase in focus

1995 • 737 citations

Financial analysts' forecasts of earnings

1982 • 608 citations

On cross-sectional analysis in accounting research

1987 • 583 citations

Security price reactions around corporate spin-off announcements

1983 • 481 citations

Information Asymmetry and Equity Issues

1991 • 437 citations

Effects of recontracting on shareholder wealth

1983 • 411 citations

Corporate focus and value creation evidence from spinoffs

1997 • 409 citations

Corporate research & development investments international comparisons

1995 • 386 citations

Information asymmetry, monitoring, and the placement structure of corporate debt1We thank David Brown, Mark Carey, Stephane Chretien, Michael Cliff, Hemang Desai, Bob Dittmar, Charles Hadlock, Paisan Limratanamongkol, Karl Lins, Vojislav Maksimovic, Beverly Marshall, David Mauer, Erlend Nier, Russ Robins, Vic Sarna, Richard Shockley, Anjan Thakor, Joaquin Trigueros, Robert Weigand, Marc Zenner, and seminar participants at Texas A&M, Tulane, the 1996 FMA meetings, the 1997 WFA meetings, and …

1999 • 376 citations

Restructuring through spinoffs

1993 • 360 citations

Firm performance and focus: long-run stock market performance following spinoffs

1999 • 348 citations

Professional Expectations: Accuracy and Diagnosis of Errors

1984 • 277 citations

The Effect of Voluntary Spin-off Announcements on Shareholder Wealth

1983 • 248 citations

Information Asymmetry, Monitoring, and the Placement Structure of Corporate Debt

1998 • 215 citations

Additional Evidence on the Relation Between Divestiture Announcements and Shareholder Wealth

1984 • 214 citations

Consistent Estimation of Cross-Sectional Models in Event Studies

1990 • 207 citations

Using the Capital Market as a Monitor: Corporate Spinoffs in an Agency Framework

1991 • 163 citations

The Rule 415 Experiment: Equity Markets

1985 • 156 citations

Robust Measurement of Beta Risk

1992 • 152 citations

THE GOVERNANCE AND CONTROL OF VOLUNTARY CORPORATE SPIN-OFFS

1996 • 142 citations

Shelf Registration and the Reduced Due Diligence Argument: Implications of the Underwriter Certification and the Implicit Insurance Hypotheses

1990 • 131 citations

Voting power in the proxy process

1991 • 129 citations

Spinoffs and wealth transfers: The Marriott case

1997 • 128 citations

The Spinoff and Merger Ex‐Date Effects

1994 • 102 citations

Can Takeover Losses Explain Spin-Off Gains?

1995 • 101 citations

Additional Evidence on the Relation Between Divestiture Announcements and Shareholder Wealth

1984 • 40 citations

The Rule 415 Experiment: Equity Markets

1985 • 36 citations

The Spinoff and Merger Ex-Date Effects

1994 • 23 citations

Why the Break-Up of Conglomerate Business Enterprises Often Increases Value

1995 • 8 citations