| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6259 |
| DP6259 Are Fair Trade Labels Effective Against Child Labour? | |
| Jean-Marie Baland; Cédric Duprez | |
| 发表日期 | 2007-05-04 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | Equity carve outs, the partial listing of a corporate subsidiary, appear to be transitory arrangements, usually dissolved within a few years by either a complete sale or a buy back. Why do firms perform expensive listings just to reverse them thereafter? We interpret carve outs as strategic options to attract information from the market over the relative value of a productive unit as an independent entity and thus to improve the decision process on whether to sell out or to retain control. The separate listing is costly, as it reduces coordination of production, but generates valuable information from the market over the optimal allocation of ownership. We compute the optimal timing for the final sale or buy back decisions, the value of the strategic options embedded in the carve out and the optimal shares retained. The model explains the temporary nature of carve outs, and suggests an explanation for many empirical findings. In particular, it explains why carve outs are more common in sectors with high uncertainty and in more informative markets. |
| 主题 | Financial Economics |
| 关键词 | Buy back Equity carve out Real options Spin off Vertical integration |
| URL | https://cepr.org/publications/dp6259 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535120 |
| 推荐引用方式 GB/T 7714 | Jean-Marie Baland,Cédric Duprez. DP6259 Are Fair Trade Labels Effective Against Child Labour?. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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