Elsas, Ralf; Löffler, Yvonne - In: Credit and Capital Markets 41 (2008) 4, pp. 557-587
This paper analyzes value effects of changes in the governance structure of German firms due to equity carve-outs. Our main conjecture is that the degree of pre-event corporate control affects market reactions to the announcement of carve-outs. We test two contradictory implications. If less...