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Internal Capital Markets And Equity Restructuring

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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


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