Do Spin-offs really Create Value? The European Case

Keyphrases

• Pro Forma 100%
• Value Creation 100%
• United States 50%
• Cumulative Abnormal Returns 50%
• European Countries 50%
• Abnormal Returns 50%
• Outperformance 50%
• Market Returns 50%
• Long-run Returns 50%
• Excess Returns 50%
• Wealth Effect 50%
• Book-to-market Effect 50%
• Non-associated 50%
• Parent-subsidiary 50%

Economics, Econometrics and Finance

• Wealth Effect 100%