Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 庄太量教授 (经济学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1108/15587890980000416 |
引用次数
Scopushttp://aims.cuhk.edu.hk/converis/portal/Publication/1Scopus source URL
其它资讯
摘要There is a broad consensus in the literature that spinoffs tend to create value for shareholders and exhibit positive long-run excess returns. However, most of the prior studies are confined to the US and the European cases. The spinoff problems in Hong Kong are surprisingly under-studied despite its important role as a global center of capital formation. In this paper, we find that there is a short-run value creation for the Hong Kong spinoffs. However, the financial health of the spinoff companies, measured by various financial ratios, tends to deteriorate in the long-run. In general, Hong Kong spinoffs generate negative returns to investors. ? 2009, Emerald Group Publishing Limited
着者Tai-Leung Chong T., Wai-Hong Wong D., Khim-Sen Liew V.
期刊名称Journal of Asia Business Studies
出版年份2009
月份http://aims.cuhk.edu.hk/converis/portal/Publication/10
日期http://aims.cuhk.edu.hk/converis/portal/Publication/16
卷号4
期次http://aims.cuhk.edu.hk/converis/portal/Publication/1
出版社Emerald Group Publishing Ltd.
出版地United Kingdom
页次23 - 32
国际标準期刊号http://aims.cuhk.edu.hk/converis/portal/Publication/1559-2243
语言英式英语
关键词Cash ratio, Current ratio, Debt-to-Equity Ratio, Spinoff, Value creation
