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  • February 2022
  • Case

Corporate Divestitures and Spinoffs

By: David J. Collis, Ashley Hartman and Terrence Shu
Increasingly in the 2010s, corporations turned to divestitures and spinoffs to streamline their operations. Over the course of one week in November 2021, conglomerates General Electric, Johnson & Johnson, and Toshiba announced plans for separation. The news reflected... View Details
Keywords: Divestiture; Divestment; Spin Off; Spinoffs; Business Conglomerates; Restructuring; Corporate Strategy
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  • March 2020
  • Case

Gap Inc. and the Spinoff of Old Navy

By: Kristin Mugford and Kevin Chu
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  • October 2014
  • Article

Do Analysts Add Value When They Most Can? Evidence from Corporate Spinoffs

By: Emilie Feldman, Stuart C. Gilson and Belen Villalonga
This paper investigates how securities analysts help investors understand the value of diversification. By studying the research that analysts produce about companies that have announced corporate spinoffs, we gain unique insights into how analysts portray diversified... View Details
Keywords: Analysts; Spin-offs; Diversification Discount; Information Asymmetry; Value Creation; Business Subsidiaries; Diversification; Corporate Strategy; Investment
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  • 2010
  • Working Paper

When Do Analysts Add Value? Evidence from Corporate Spinoffs

By: Emilie Rose Feldman, Stuart Gilson and Belen Villalonga
We investigate the information content and forecast accuracy of 1,793 analyst reports written around 62 spinoffs—a setting in which analysts' ability to inform investors is potentially very high. We find that analysts pay little attention to subsidiaries about to be... View Details
Keywords: Earnings Management; Mergers and Acquisitions; Business Subsidiaries; Restructuring; Forecasting and Prediction; Insolvency and Bankruptcy; Initial Public Offering; Price; Reports; Research
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  • 2009
  • Other Unpublished Work

When Do Analysts Add Value? Evidence from Corporate Spinoffs

By: Emilie Feldman, Stuart Gilson and Belen Villalonga
Keywords: Value Creation; Business Conglomerates
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  • December 2002
  • Article

Learning about Internal Capital Markets from Corporate Spinoffs

By: Robert Gertner, Eric Powers and David S. Scharfstein
Keywords: Capital; Markets; Business Ventures
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  • January 1998 (Revised May 1999)
  • Case

General Scanning, Inc. (B)

By: H. Kent Bowen, Sean McClenaghan and Charles Tillen
After meeting with a mediator, Montagu and Davis decided their goals were not in accordance, and Davis left General Scanning. Montagu and Brosens wrote three-year objectives for the company and proceeded to search for a new professional manager. Chuck Winston took on... View Details
Keywords: Business Units; Restructuring; Change; Business or Company Management; Ownership Stake; Strategic Planning; Hardware
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