Ang, James; de Jong, Abe; van der Poel, Marieke - In: Journal of Corporate Finance 29 (2014) C, pp. 58-74
We examine the impact of familiarity with business segments on CEOs' divestment decisions. We find CEOs are less likely to divest assets from familiar than from non-familiar segments. We attribute this effect to CEOs' comparative information advantage with respect to familiar segments....