Announcement Effects of China's Listed Firms' Divestitures
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摘要: 对我国上市公司资产剥离的宣告效应进行实证分析后发现,样本公司剥离公告前后的一个交易日内以及剥离公告后的7个交易日内,分别有正的累积平均超常收益。这说明样本公司在剥离事件公告前后的短暂时间内,的确能够增加股东的财富。Abstract: This paper examines the announcement effects of China's listed firms' divestitures completed during 1998-2002 and finds that sample firms have positive cumulative average abnormal returns in the event windows of [-1,+1] and [0,+7]. The results shows that the corporate divestitures of China can increase shareholders' wealth in a short period around the announcement date.
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Key words:
- asset restructuring /
- divestiture /
- listed firm
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