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  • Title
    Wealth effects of corporate spin-offs – An event study analysis of the chemical and pharmaceutical industry
  • Author
    Smolnik, Tim
  • Is part of
    Journal of Business Chemistry, Issue Journal of Business Chemistry, page 131-150
  • Published
    2020
  • Annotation
    Section "Research Paper"
  • Language
    English
  • Document type
    Journal Article
  • URN
    urn:nbn:de:hbz:6-91129603009 
  • DOI
    10.17879/91129602734 
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  •  The document is publicly available on the WWW
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Abstract
  • The present article studies wealth effects of global spin-off announcements of the chemical and pharmaceutical industry that were announced between January 2001 and October 2019. The cumulative average abnormal return over the 3-day event window is 3.91%. This result is significant at the 0.1%-level. Moreover, varying the event-window and utilizing a second statistical approach strongly supports these findings by yielding similar results at a 0.2% significance level which is rare for the event study methodology. This study strongly corroborates the hypothesis that wealth effects associated with spin-off announcements are very strong in the chemical and pharmaceutical industry.
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