Internal Capital Markets and Investment Policy: Evidence from Corporate Spinoffs

By Seoungpil Ahn, David J. Denis. 2004

203 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/2cc14c5ee6426eeba35c7e80e1fba8cd0261a148

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. Gonul Colak
2. Toni M. Whited
3. Lu Zhang
4. Tor-Erik Bakke
5. L. Frésard
6. Dongmei Li
7. Nemit Shroff
8. Thierry Foucault

In Economics and Econometrics

1. Gonul Colak
2. Toni M. Whited
3. Nemit Shroff
4. Tor-Erik Bakke
5. Yawen Jiao
6. M. Goetz
7. Jillian Grennan

Citations in the corpus

• Multiple directorships and corporate diversification (2008, unknown): “due to non-optimal capital allocation across business segments within diversified firms (Gertner, Powers and Scharfstein, 2002; Dittmar and Shivdasani, 2003; Ahn and Denis, 2004) or non-optimal sharing of debt service across segments with higher growth”
• Spin-Offs, Divestitures, and Conglomerate Investment (2007, methodology): “Ahn and Denis (2004) confirm this result using a sales-based measure of RVA, a sales-based measure of RINV, and a measure of excess value.”
• Corporate Governance and the Spinoff Decision (2007, unknown): “Ahn and Denis (2004) and Gertner, Powers, and Sharfstein (2002) provide evidence that firms tend to have an improvement in investment efficiency and excess value subsequent to a spinoff.”
• Leverage and Investment in Diversified Firms (2006, unknown): “9 example, Ahn and Denis (2004), Dittmar and Shivdasani (2003), and Gertner, Powers, and Scharfstein (2002)].”
• Productivity, Restructuring, And The Gains From Takeovers (2013, unknown): “I construct a variable of RINV (relative investment ratio), similar to the one used in Ahn and Denis (2004), to measure a firms overall investment efficiency.”
• CEO Duality, Agency Costs, and Internal Capital Allocation Efficiency (2019, unknown): “…of internal capital in diversified firms leads to investment inefficiencies that are value-destructive (for example, Shin and Stulz, 1998; Rajan et al ., 2000; Scharfstein and Stein, 2000; Ahn and Denis, 2004; Ahn et al ., 2006; Datta et al ., 2009; Hovakimian, 2011; Duchin and Sosyura, 2013).”