Firm performance and focus: long-run stock market performance following spinoffs

Article Abstract:

The relation between increase in focus and the stock market performance as well as the operating performance is analyzed by using a sample of 155 spinoffs from 1975-91. It is observed that the announcement period and the long-run abnormal returns for the focus-increasing spinoffs are larger than the corresponding abnormal returns for the non-focus-increasing spinoffs. Cross-sectionally, the stock market performance and the operating performance are linked with change in focus.

Investor Relations, Research, Stocks, Corporate divestiture, Divestiture

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The rise and fall of the Amex Emerging Company Marketplace

Article Abstract:

The Emerging Company Marketplace (ECM) was launched by the American Stock Exchange on March 18, 1992, to trade the stocks of small companies that are growing. A decline in bid-ask spreads occurred for listing firms. However, there was an increase in the media coverage of ECM companies. Several factors that caused the demise of the ECM and the development of equity markets for small companies were examined.

Finance, American Stock Exchange L.L.C., American Stock Exchange L.L.C. Emerging Company Marketplace

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Exchange rate variability and the riskiness of US multinational firms: evidence from the breakdown of the Bretton Woods system

Article Abstract:

The relation between exchange rate variability and stock return volatility for US multinational firms was established and decomposed into components of systematic and diversifiable risk. A significant increase was found in the volatility of monthly stock returns corresponding to the period of increased exchange rate variability. There was also an increase in market risk for multinational firms.

Multinational Corporations, Prices and rates, International business enterprises, Risk (Economics), Foreign exchange, Foreign exchange rates

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