This paper evaluates the conjecture that excess stock returns that have been documented around the announcement of corporate spin-offs represent, at least in part, the re-creation of value destroyed at the time of an earlier acquisition. We evaluate this question with a sample of spin-offs that...

This paper presents the results of an in-depth investigation of 61 publicly-traded firms that chose to liquidate voluntarily over the period 1970 through 1991. In comparison with a size-matched sample of industry peers, firms that elect to liquidate voluntarily are characterized by lower Tobin's...