Purpose – The purpose of this paper is to provide a comprehensive initial evaluation of the wealth transfer hypothesis as applied to the second-stage events and announcements that follow carve-outs during the period from 1983 to 2004. Design/methodology/approach – Using daily security...

This study provides a comprehensive initial evaluation of the wealth transfer hypothesis as applied to the carve-out announcement and partial IPO on stockholders and bondholders from 1983 to 2002. Using daily security prices we show that such combinations have multi-faceted wealth transfers and...

Purpose – The purpose of this paper is to provide a comprehensive initial evaluation of the wealth transfer hypothesis as applied to the second‐stage events and announcements that follow carve‐outs during the period from 1983 to 2004. Design/methodology/approach – Using daily security...

Purpose: The purpose of this paper is to provide a SAS program for an efficient portfolio given a short sale restriction. Design/methodology/approach: We provide a 50-stock portfolio given 50 weekly stock returns. We contrast results with a 50-stock portfolio without a restriction. Findings: We...