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Asset sales and increase in focus
Open accessAbstract
We find that asset sales lead to an improvement in the operating performance of the seller's remaining assets in each of the three years following the asset sale. The improvement in performance occurs primarily in firms that increase their focus; this change in operating performance is positively related to the seller's stock return at the divestiture announcement. The announcement stock returns are also greater for focus-increasing divestitures. Further, we find evidence that some of the seller's gains result from a better fit between the divested asset and the buyer.
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Citations
Cited by
N. Berger, A., & F. Udell, G. (1998) · Journal of Banking & Finance · doi:10.1016/s0378-4266(98)00038-7 · Cited by 3,690
Financial accounting information, organizational complexity and corporate governance systems
Bushman, R., Chen, Q., Engel, E., & Smith, A. (2004) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2003.09.005 · Cited by 1,059
The effects of bank mergers and acquisitions on small business lending
Berger, A. N., Saunders, A., Scalise, J. M., & Udell, G. F. (1998) · Journal of Financial Economics · doi:10.1016/s0304-405x(98)00036-1 · Cited by 827
Investor valuation of the abandonment option
Berger, P. G., Ofek, E., & Swary, I. (1996) · Journal of Financial Economics · doi:10.1016/0304-405x(96)00877-x · Cited by 641
Self-citationThe Cost of Diversity: The Diversification Discount and Inefficient Investment
Rajan, R. G., Servaes, H., & Zingales, L. (1998) · SSRN Electronic Journal · doi:10.2139/ssrn.56108 · Cited by 409
Metadata
- Authors
- John, K., & Ofek, E.
- Venue
- Journal of Financial Economics
- Publisher
- Elsevier BV
- Published
- 1995-01
- Volume
- 37
- Issue
- 1
- Pages
- 105-126
- ISSN
- 0304-405X (ISSN-L)
- OpenAlex
- W2058141370
- Cited by
- 728
- References
- 0
- FWCI
- 75.82
- Type
- journal article
- Language
- en
- Open access
- hybrid
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
