THE CLIENTELE EFFECT OF SPINOFFS – FURTHER EVIDENCE FROM THE EFFECTIVE DATE OF CORPORATE DIVESTITURES

In the past few decades, issues related to corporate restructuring have been extensively examined in the finance literature. A major form of corporate restructuring is divestitures. Divestitures are ways in which the subsidiaries, divisions, segments or product lines are separated from their parent companies. The two major types of divestitures are spinoffs and sell-offs. A spinof