| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7175 |
| 来源ID | Working Paper 7175 |
| Corporate Focusing and Internal Capital Markets | |
| Frederik P. Schlingemann; Rene M. Stulz; Ralph A. Walkling | |
| 发表日期 | 1999-06-01 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | A sample of firms that focus by divesting at least one segment allows us to investigate the characteristics of segments divested as well as the nature of focusing firms. We find that firms are more likely to divest segments unrelated to the core activities of the firm and that the probability that a segment is divested is inversely related to its relative size within the firm. In fact, a segment's relative size is the variable that has the most explanatory power in predicting which segment a firm divests. We argue that this is consistent with the importance of asset market liquidity as a determinant of the divestiture decision. Financial constraints play an important role in determining which firms focus, which segments these firms divest, and in the market's reaction to divestiture announcements. Focusing firms perform less well and invest significantly less than heir non-focusing counterparts. |
| URL | https://www.nber.org/papers/w7175 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564710 |
| 推荐引用方式 GB/T 7714 | Frederik P. Schlingemann,Rene M. Stulz,Ralph A. Walkling. Corporate Focusing and Internal Capital Markets. 1999. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7175.pdf（259KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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