Using all completed spin-offs in twelve European countries between 1989 and 2005 we show that spin-off decisions are often triggered by firm's governance earth-quakes, such as an appointment of a new CEO or a takeover threat. Abnormal long-run stock returns and operating performance are observed...

Dissatisfaction with traditional accounting-based performance measures has spawned a number of alternatives, of which Economic Value Added (EVA) is clearly the most prominent. How can we tell which performance measures best capture managerial contributions to value? There is currently a heated...

Do CEOs really matter for firm performance? And if they do, how does CEO human capital translate into firm value? We investigate these questions using a sample of firms with CEO turnover. We find that when a CEO with more general managerial human capital is matched with a firm relying more on...

We examine announcement effects and the long-run stock performance associated with spin-offs for companies listed on the Australian Securities Exchange (ASX). The 3-day announcement effect is a significantly positive 2.93%. Contrary to previous studies, we do not find any difference between ex...

This paper investigates the short- and long-run share return performance of Malaysian spin-off firms. Using daily and monthly data, it examines the performance of spin-off firms against the benchmarks of Malaysian indices and matched-firm portfolios. The results show that parent firms...