Reexamining information asymmetry related to corporate spin-offs

IF 2.9 3区 经济学 Q1 ECONOMICS
Han-Sheng Chen , Ying-Chou Lin , Yu-Chen Lin
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引用次数: 0

Abstract

Recent technological innovations and changes in governmental regulations both affect information dissemination; within this context, we use this paper to reassess the role of information asymmetry in corporate spin-off decisions. Analyzing spin-off deals from 1980 to 2017, we find that information asymmetry does not significantly influence spin-off decisions. Specifically, there is neither substantial disparity in levels of information asymmetry between spin-off firms and their counterparts, nor marked improvements after breakups. This remains true even when we account for events such as the Regulation Fair Disclosure (Reg FD) and the types of spin-offs themselves. Additionally, no evidence exists to suggest that firms with greater information asymmetry are more inclined to spin off. Contrary to findings in the literature, information asymmetry does not explain observed positive abnormal returns around spin-off announcements; instead, the misvaluation of spin-off firms correlates more closely with their pre-spin-off investment efficiency. These findings suggest a shift in primary drivers behind corporate spin-offs: a diminished focus on information asymmetry and stronger attention instead to investment inefficiencies and misvaluation in response to evolving market conditions.

重新审视与公司分拆有关的信息不对称问题
最近的技术创新和政府法规的变化都会影响信息传播;在此背景下,我们利用本文来重新评估信息不对称在企业分拆决策中的作用。通过分析 1980 年至 2017 年的分拆交易,我们发现信息不对称并不会对分拆决策产生重大影响。具体而言,分拆公司与同类公司之间的信息不对称水平既没有实质性差异,也没有在分拆后得到明显改善。即使考虑到公平披露条例(Reg FD)等事件以及分拆本身的类型,情况也是如此。此外,没有证据表明信息不对称程度越高的公司越倾向于分拆。与文献研究结果相反,信息不对称并不能解释分拆公告前后观察到的正异常回报;相反,分拆公司的错误估值与其分拆前的投资效率更密切相关。这些研究结果表明,公司分拆背后的主要驱动因素发生了变化:对信息不对称的关注减少了,而更多地关注投资效率低下和估值错误,以应对不断变化的市场环境。
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来源期刊
CiteScore
6.00
自引率
2.90%
发文量
118
期刊介绍: The Quarterly Review of Economics and Finance (QREF) attracts and publishes high quality manuscripts that cover topics in the areas of economics, financial economics and finance. The subject matter may be theoretical, empirical or policy related. Emphasis is placed on quality, originality, clear arguments, persuasive evidence, intelligent analysis and clear writing. At least one Special Issue is published per year. These issues have guest editors, are devoted to a single theme and the papers have well known authors. In addition we pride ourselves in being able to provide three to four article "Focus" sections in most of our issues.
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