Information Asymmetry and Corporate Spinoffs

• Main Authors: Sheng-Ren Cheng, 鄭勝仁
• Other Authors: Horace Chueh
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/82192279866250463992

碩士 === 國立高雄第一科技大學 === 金融所 === 98 === This study investigates the relation between the spin-off decision and the information asymmetry. In addition, we also investigate the change of information asymmetry, external financing, foreign ownership, large Shareholders after spin-off. The sample includes 39 event firms and 39 match firms listed on the Taiwan Stock Exchange in the period from 2001 to 2008. The results show that high degree of information asymmetry is not associated with increased spinoff decision. Additionally, information asymmetry and block shareholding do not decrease and external financing and foreign ownership do not increase after spin-off.