The Effect of Voluntary Foreign Selloffs on Shareholder Wealth
(주)코리아스칼라
- 최초 등록일
- 2023.04.05
- 최종 저작일
- 1995.12
- 19페이지/ 어도비 PDF
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서지정보
ㆍ발행기관 : 한국국제경영학회
ㆍ수록지정보 : 국제경영연구 / 6권
ㆍ저자명 : Ki Hyun Kim
영어 초록
This study investigates the impact of voluntary foreign selloff announcements on shareholder wealth. This paper presents the first evidence that voluntary foreign selloff announcements influence common stock returns of U. S. parent firms. Significantly positive abnormal returns are observed during the announcement period for the full sample. It is also found that while foreign selloffs of operations in developed countries (DCs) result in significantly positive abnormal returns, the returns for selloffs of operations in less developed countries (LDCs) are significantly negative. These empirical findings indicate that the magnitude of wealth effects depends on whether the selloffs are in DCs or LDCs. Furthermore, abnormal returns at the time of selloff announcements are positively affected by degree of foreign involvement by the parent company, thereby providing indirect evidence that the market recognizes the multinationality of a firm selling off foreign operations.
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