Footnotes 1 . We define a pure spinoff as a tax‐free, pro‐rata distribution of shares of a wholly‐owned subsidiary to shareholders. Partial spinoffs, where the parent retains a proportion of the shares of the subsidiary, are actually more common than pure spinoffs. 2 . See James Miles and James Rosenfeld , “ An Empirical Analysis of the Effects of Spin‐off Announcements on Shareholder Wealth ,” Journal of Finance , 38 ( 1983 ) ; Gailen Hite and James Owers , “ Security Price Reactions around Corporate Spin‐off Announcements ,” Journal of Financial Economics , 12 ( 1983 ) ; and Katherine Schipper and Abbie Smith , “ Effects of Recontracting on Shareholder Wealth: The Case of Voluntary Spin‐offs ,” Journal of Financial Economics , 12 ( 1983 ) . 3 . The stock performance of spinoffs and parents is evaluated in Patrick Cusatis , James Miles , and J. Randall Woolridge , “ Restructuring Through Spinoffs: The Stock Market Evidence ,” Journal of Financial Economics , June 1993 , Vol. 33 , No. 3 , pp. 293 – 312 . 6 . Wall Street Journal, October 30, 1985, p. 40 and General Mills Inc., 1984 Annual Report ,
Journal of Applied Corporate Finance – Wiley
Published: Jun 1, 1994
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