Market response to divestiture announcements: A screening theory perspective
Abstract
Capital market investors have limited information about the motives, exchange terms, and expected outcomes of corporate divestitures. Thus, when a firm announces a divestiture, capital markets may have difficulty distinguishing divestitures that are likely to be beneficial and investment worthy from those that signify hidden problems. Drawing on screening theory, we argue that one way investors might overcome their information disadvantages is...
Paper Details
Title
Market response to divestiture announcements: A screening theory perspective
Published Date
Jun 5, 2019
Journal
Volume
18
Issue
4
Pages
547 - 572
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