European Spin-Offs : Origin, Value Creation, and Long Term Performance

Using all completed spin-offs in twelve European countries between 1989 and 2005 we show that spin-off decisions are often triggered by firm's governance earth-quakes, such as an appointment of a new CEO or a takeover threat. Abnormal long-run stock returns and operating performance are observed for spin-off firms only, and mostly for internally-grown business units and parent-related (non-focusing) subsidiaries. We find no evidence that post-spin-off mergers of either parents or subsidiaries enhance long-term performance, or that focus-increasing spin-offs lead to efficiency improvements

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Year of publication:	2010
Authors:	Boreiko, Dmitri
Other Persons:	Murgia, Maurizio (contributor)
Publisher:	[2010]: [S.l.] : SSRN
Subject:	Betriebliche Wertschöpfung \| Value creation \| Ausgründung \| Spin-off company \| Europa \| Europe \| Unternehmenserfolg \| Firm performance \| EU-Staaten \| EU countries

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