Internal capital markets and equity restructuring

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dc.contributor.author Boumosleh, Anwar
dc.contributor.author Dah, Abdallah
dc.contributor.author Dah, Mustafa
dc.date.accessioned 2016-03-07T07:42:34Z
dc.date.available 2016-03-07T07:42:34Z
dc.date.copyright 2012
dc.date.issued 2016-03-07
dc.identifier.issn 0892-7626 en_US
dc.identifier.uri http://hdl.handle.net/10725/3287
dc.description.abstract Inefficient internal capital market is often blamed for conglomerate diversification discount. While the positive market reaction to spin-off announcements is in conformity with that claim, the abnormal market return on tracking stock announcements is certainly not. This paper investigates the possibility of a bright side for internal capital markets in conglomerates that track business units as a mean of equity restructuring. This paper finds no evidence of a diversification discount for firms with a tracking stock. Partial support on the presence of diversification discount is found for a pair-matched sample of spin-off films. This paper also finds evidence on more efficient internal capital markets for the sample of tracking-stock firms. The results may suggest that the conglomerates' choice between tracking business units or spin-off of business units depends on the efficient allocation of internally generated funds en_US
dc.title Internal capital markets and equity restructuring en_US
dc.description.version Published en_US
dc.author.school SOB en_US
dc.author.idnumber 200501018 en_US
dc.author.idnumber 198929040 en_US
dc.author.idnumber 200104725 en_US
dc.author.woa N/A en_US
dc.author.department Department of Finance and Accounting (FINA) en_US
dc.description.embargo N/A en_US
dc.journal.volume 28
dc.journal.issue 6
dc.article.pages 1171-1182 en_US
dc.identifier.ctation Boumosleh, A., Dah, A., & Dah, M. (2012). Internal Capital Markets And Equity Restructuring. Journal of Applied Business Research, 28(6), 1171. en_US
dc.author.email anwar.boumosleh@lau.edu.lb
dc.author.email aadah@lau.edu.lb
dc.author.email mustafa.dah@lau.edu.lb
dc.identifier.url https://clutejournals.com/index.php/JABR/article/view/7402
dc.orcid.id https://orcid.org/0000-0001-9133-5508

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