Tables

SAS Pro\spinoff

Program20150220.SAS

step3的Freq结果。

carveout发生频率

SDC_year	Frequency	Percent	Cumulative Frequency	Cumulative Percent
1994	18	9.33	18	9.33
1995	10	5.18	28	14.51
1996	26	13.47	54	27.98
1997	14	7.25	68	35.23
1998	12	6.22	80	41.45
1999	20	10.36	100	51.81
2000	11	5.70	111	57.51
2001	11	5.70	122	63.21
2002	8	4.15	130	67.36
2003	1	0.52	131	67.88
2004	3	1.55	134	69.43
2005	4	2.07	138	71.50
2006	5	2.59	143	74.09
2007	1	0.52	144	74.61
2009	1	0.52	145	75.13
2010	3	1.55	148	76.68
2011	5	2.59	153	79.27
2012	13	6.74	166	86.01
2013	27	13.99	193	100.00

M.B. Slovin et al./Journal oj’Financial Economics 37 (1995)

Eckbo - Handbook of Corporate Finance

Attention: freq is really really high!!! Unbelievable!!!

B.A. Jain et al. / Journal of Financial Economics 100 (2011) 594–615

Vertical spinoffs and carve-outs

FRANK AND HARDEN

Journal of Business Finance & Accounting, 28(3) & (4), April/May 2001, 0306-686X

Sample size large!

J Econ Finan (2009) 33:27–42

Agency problems in tracking stock and minority

carve-out decisions: Explaining the discrepancy

in short- and long-term performances

Wei He & Tarun K. Mukherjee & Peihwang Wei