From the date of the corporate division to the date of the tender offer or paid-in capital increases this study recognize the change in the stock price of the holding company and the operating company, I analyzed timely disclosure is made during the period how the impact on the stock price of the holding company and operating company. It is theoretically possible that a holding company established through a comprehensive stock exchange and in-kind contributions, such as split-off compared to the spin-off, but fair trade law, affiliates of the holding company, stake (20% of listed companies, 40% of unlisted companies) to meet the additional holding company go through the procedures that must be followed so purchasing the shares from minority shareholders in reality burdensome. While the holding company through a spin-off tender offer or a third party allocation format of the holding through a capital increase including through the spin because the stakes can be expanded to a subsidiary company converted this is usually without additional funding. That is, the holding company through the spin-off is an incentive to increase the market capitalization of the company after the corporate division increase the control of the holding company's largest shareholder through the swap of the operating company and the holding company's equity stake in the largest shareholder it occurs. It found that the incentives for these empirically validated as a result the largest shareholder of the holding company, the cumulative average abnormal returns of the operating company (CAAR) is increased from the corporate division (spin-off) to the tender offer or paid-in capital increase announcement. In addition, we verified whether the disclosure of the artificial price advantage from the standpoint of the largest shareholders want to increase activity in order to increase the value of the operating company in the process of transition to a holding company through spin-off. Timely Disclosure utilized in order to have a favorable exchange rate that was verified by displaying the results of a significant amount of the price performance of the operating company. This study empirically verify how the largest shareholder increase control of the holding company from the holding company through a spin-off process that will contribute to that point.
From the date of the corporate division to the date of the tender offer or paid-in capital increases this study recognize the change in the stock price of the holding company and the operating company, I analyzed timely disclosure is made during the period how the impact on the stock price of the holding company and operating company. It is theoretically possible that a holding company established through a comprehensive stock exchange and in-kind contributions, such as split-off compared to the spin-off, but fair trade law, affiliates of the holding company, stake (20% of listed companies, 40% of unlisted companies) to meet the additional holding company go through the procedures that must be followed so purchasing the shares from minority shareholders in reality burdensome. While the holding company through a spin-off tender offer or a third party allocation format of the holding through a capital increase including through the spin because the stakes can be expanded to a subsidiary company converted this is usually without additional funding. That is, the holding company through the spin-off is an incentive to increase the market capitalization of the company after the corporate division increase the control of the holding company's largest shareholder through the swap of the operating company and the holding company's equity stake in the largest shareholder it occurs. It found that the incentives for these empirically validated as a result the largest shareholder of the holding company, the cumulative average abnormal returns of the operating company (CAAR) is increased from the corporate division (spin-off) to the tender offer or paid-in capital increase announcement. In addition, we verified whether the disclosure of the artificial price advantage from the standpoint of the largest shareholders want to increase activity in order to increase the value of the operating company in the process of transition to a holding company through spin-off. Timely Disclosure utilized in order to have a favorable exchange rate that was verified by displaying the results of a significant amount of the price performance of the operating company. This study empirically verify how the largest shareholder increase control of the holding company from the holding company through a spin-off process that will contribute to that point.
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