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1. Value creation from spin-offs: European evidence over 1998 - 2015
University essay from Handelshögskolan i Stockholm/Institutionen för finansiell ekonomiAbstract : We investigate the short term and long term abnormal returns of spin-offs over the 1998 - 2015 period by measuring the abnormal returns for parents at announcement and abnormal returns for spin-offs and their parent firms for periods of up to three years following the completion of the spin-off. The research is performed by event study of parent firm return around the announcement of the spin-offs and by benchmark portfolios of parent and subsidiaries against the Fama-French three-factor model. READ MORE
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