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|Web of Science®
|Analysing the wealth effect of UK divestitures: An examination of domestic and international sales
|Research in International Business and Finance, 2008; 22(1):68-84
|J A I Press Inc
|Jack Cao, Sian Owen, Alfred Yawson
|Here we analyse divestiture announcement effects for UK multinational corporations accounting for the location of the unit sold. We find some bias in market reactions with larger abnormal returns for UK divestitures when compared to overseas sales. US sales generate larger returns than those in Continental Europe or the Asia-Pacific region. We analyse the determinants of abnormal returns using accounting and transaction data, supplemented with country specific data for overseas sales. Abnormal returns for UK sales are explained by financial characteristics of the selling firm but the size of the transaction relative to the firm is the most significant factor in overseas divestitures. © 2007 Elsevier B.V. All rights reserved.
|© 2007 Elsevier B.V. All rights reserved.
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|Aurora harvest 5
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