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Equity carve-outs in Belgium - neglected opportunity or justified rarity?

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Moutschen, Michael ULiège
Promotor(s) : Lambert, Marie ULiège
Date of defense : 7-Sep-2020 • Permalink : http://hdl.handle.net/2268.2/10901
Details
Title : Equity carve-outs in Belgium - neglected opportunity or justified rarity?
Translated title : [fr] Equity carve-outs en Belgique - opportunité négligée ou rareté justifiée?
Author : Moutschen, Michael ULiège
Date of defense  : 7-Sep-2020
Advisor(s) : Lambert, Marie ULiège
Committee's member(s) : Pottier, Eric 
Santino, Jo 
Language : English
Keywords : [en] Equity carve-outs
[en] Spin-offs
[en] Restructuring
Discipline(s) : Business & economic sciences > Finance
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en sciences de gestion, à finalité spécialisée en droit
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège

Abstract

[en] This study examines the preference for spin-offs over equity carve-outs as restructuring method and the corresponding inexistence of equity carve-outs in Belgium. The value creation effects by equity carve-outs and spin-offs will be assessed from the shareholder perspective and the firm perspective. The study also focuses on the role the Belgian legal background plays in the choice between both restructuring methods. I found that spin-offs lead to higher abnormal returns around the announcement date. On the other hand, in terms of operating performance equity carve-out parents and subsidiaries outperform their spin-off counterparts. No relevant differences could be observed for the legal regimes of both operations. Ultimately, the study concludes that equity carve-outs are no justified rarity in the Belgian business world, but there could be other factors limiting their occurrence that need further investigation.


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Access TFE_Michael Moutschen_ECOs in Belgium.pdf
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Access TFE_Michael Moutschen_Calculations CAR.pdf
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Access TFE_Michael Moutschen_Calculations Operating performance.pdf
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Author

  • Moutschen, Michael ULiège Université de Liège > Master sc. gest., fin. spéc. droit

Promotor(s)

Committee's member(s)

  • Pottier, Eric
  • Santino, Jo
  • Total number of views 46
  • Total number of downloads 5










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