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Value Creation in European Equity Carve-Outs

  • Book
  • © 2006

Overview

Authors:
  1. Nikolas Pojezny
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Table of contents (8 chapters)

  1. Front Matter

    Pages I-XXVI
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  2. Introduction

    Pages 1-6

  3. Definitions and theoretical foundations

    Pages 7-33

  4. Short-term price performance of European equity carve-outs

    Pages 34-81

  5. Long-term operating performance of European equity carve-outs

    Pages 82-112

  6. Long-term price performance of European equity carve-outs

    Pages 113-161

  7. What do we learn about internal capital markets from equity carve-outs?

    Pages 162-193

  8. Determinants of the nature of the second event in European equity carve-outs

    Pages 194-218

  9. Conclusion

    Pages 219-229

  10. Back Matter

    Pages 231-312
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Keywords

About this book

Over the past two decades, equity carve-outs (ECOs) have become an increasingly popular form of corporate restructuring in Europe. Individual business segments are separated from the parent conglomerate company, and a minority stake is listed on the stock exchange. The parent company thus retains economic control over the subsidiary, while simultaneously creating more transparency for capital markets, restructuring its investment portfolio and creating the option to either reintegrate or completely sell off the subsidiary at a later stage. The attractiveness of ECOs as research objects is largely due to their dualistic nature as both means of parent company financing and corporate restructuring. While comprehensive academic literature on ECOs already exists, studies mainly focus on the US market. The objective of the present study is to conduct corresponding analyses using a European sample, allowing the examination of both research issues on an intra-European level, and of the admissibility of analogies between US and European results.

About the author

Dr. Nikolas Pojezny promovierte bei Prof. Ulrich Hommel, Ph.D., am Stiftungslehrstuhl für Unternehmensfinanzierung und Kapitalmärkte der European Business School, Oestrich-Winkel. Er ist derzeit als Investmentbanker im Bereich M&A für Goldman Sachs tätig.

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