dc.creator |
Boumosleh, Anwar |
en_US |
dc.creator |
Dah, Abdallah |
en_US |
dc.creator |
Dah, Mustafa |
en_US |
dc.date.accessioned |
2016-03-07T07:42:34Z |
|
dc.date.available |
2016-03-07T07:42:34Z |
|
dc.date.datecopyrighted |
2012 |
|
dc.date.issued |
2016-03-07 |
|
dc.identifier.issn |
0892-7626 |
en_US |
dc.identifier.uri |
http://hdl.handle.net/10725/3287 |
|
dc.description.abstract |
Inefficient internal capital market is often blamed for conglomerate diversification discount. While the positive market reaction to spin-off announcements is in conformity with that claim, the abnormal market return on tracking stock announcements is certainly not. This paper investigates the possibility of a bright side for internal capital markets in conglomerates that track business units as a mean of equity restructuring. This paper finds no evidence of a diversification discount for firms with a tracking stock. Partial support on the presence of diversification discount is found for a pair-matched sample of spin-off films. This paper also finds evidence on more efficient internal capital markets for the sample of tracking-stock firms. The results may suggest that the conglomerates' choice between tracking business units or spin-off of business units depends on the efficient allocation of internally generated funds |
en_US |
dc.language.iso |
en |
en_US |
dc.title |
Internal Capital Markets And Equity Restructuring |
en_US |
dc.type |
Article |
en_US |
dc.description.version |
Published |
en_US |
dc.creator.school |
SOB |
en_US |
dc.creator.identifier |
200501018 |
en_US |
dc.creator.identifier |
198929040 |
en_US |
dc.creator.identifier |
200104725 |
en_US |
dc.author.woa |
N/A |
en_US |
dc.creator.department |
Department of Finance and Accounting (FINA) |
en_US |
dc.description.embargo |
N/A |
en_US |
dc.relation.ispartof |
Journal of Applied Business Research |
en_US |
dc.description.volume |
28 |
en_US |
dc.description.issue |
6 |
en_US |
dc.article.pages |
1171-1182 |
en_US |
dc.keywords |
Diversification Discount |
en_US |
dc.keywords |
Spinoffs |
en_US |
dc.keywords |
Tracking Stocks |
en_US |
dc.keywords |
Internal Capital Markets |
en_US |
dc.identifier.ctation |
Boumosleh, A., Dah, A., & Dah, M. (2012). Internal Capital Markets And Equity Restructuring. Journal of Applied Business Research, 28(6), 1171. |
en_US |
dc.creator.email |
anwar.boumosleh@lau.edu.lb |
|
dc.creator.email |
aadah@lau.edu.lb |
|
dc.creator.email |
mustafa.dah@lau.edu.lb |
|
dc.identifier.url |
http://search.proquest.com/docview/1221276053?pq-origsite=gscholar |
|