منابع مشابه
Do Spin-Offs Make the Academics’ Heads Spin?
As public research organisations are increasingly driven by their national and regional governments to engage in knowledge transfer, they have started to support the creation of companies. These research based spin-off companies (RBSOs) often keep contacts with the research institutes they originate from. In this paper we present the results of a study of four research institutes within two uni...
متن کاملHow Do Processes Create Value ? [ 1 ] Paul
One of the major events in the evolution of modern process thinking was the publication of Michael Porter’s book, Competitive Advantage, in 1985, which introduced the idea of the Value Chain. [2] (See Figure 1.) A value chain is the ultimate process of an organization. A value chain describes all of the activities that an organization undertakes to produce a product. The manager of the company ...
متن کاملDo Treasure Islands Create Firm Value?∗
They do! Otherwise, their use would not have been so prevalent among firms. How much firm value they create, however, is still an open question. Exploiting a political event in the U.K. that suddenly raised the cost of using tax havens, we find that there was a 0.87% reduction in cumulative abnormal return (CAR) among the sampled firms, corresponding to about £532 million in market capitalizati...
متن کاملOpportunity Spin-offs and Necessity Spin-offs
Necessity spin-offs are organized by employees of incumbent firms to escape deteriorating job conditions. This paper proposes a conceptual model of the spin-off process. Necessity spin-offs are distinguished from opportunity spin-offs on the basis of their triggering events. An empirical analysis of German laser spin-offs traces differences in the performance and determinants of the two types o...
متن کاملCorporate spin-offs, bankruptcy, investment, and the value of debt
In a risk-neutral stochastic environment where bankruptcy is possible, it is well-established that coinsurance incentives may lead creditors to prefer mergers over spin-offs, while shareholders may prefer spin-offs. This paper shows that there are two distinct reasons for this. One is due to the concavity of the debt payoff function in the face value of the debt, while the other arises from imp...
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ژورنال
عنوان ژورنال: Asian Journal of Finance & Accounting
سال: 2012
ISSN: 1946-052X
DOI: 10.5296/ajfa.v4i1.1518