Divest Announcement*

Finance

0.641

−0.192

−0.0172

1.447

(1.421)

(1.378)

(0.674)

(0.884)

Oil and Gas

−0.226

−0.828

−0.592

1.197

(1.388)

(1.347)

(0.665)

(0.872)

Industrial

−0.0445

−0.531

−0.589

0.968

(1.391)

(1.349)

(0.667)

(0.874)

Health Care

0.0550

−0.699

−0.875

0.00268

(1.424)

(1.381)

(0.675)

(0.886)

Technology

−0.295

−1.059

−0.600

0.497

(1.540)

(1.493)

(0.747)

(0.978)

Consumer

0.203

−0.627

−0.698

0.440

(1.314)

(1.274)

(0.624)

(0.819)

Utility

−0.233

−0.824

0.433

1.781*

(1.740)

(1.687)

(0.717)

(0.941)

(1)

(2)

(3)

(4)

Other Regressors

(log) lag_sales

0.0577

0.132***

0.273***

0.237***

(0.0445)

(0.0438)

(0.0408)

(0.0500)

Inside

0.0428

−0.0170

−0.00449

−0.0373

(0.150)

(0.147)

(0.101)

(0.129)

New_HIRE

−0.316**

−0.350**

−0.370***

−0.573***

(0.154)

(0.149)

(0.0728)

(0.0954)

Inside_New

−0.128

0.179

0.320**

0.387**

(0.287)

(0.279)

(0.138)

(0.180)

Firm Type

0.136

0.265**

−0.0609

−0.0355

(Merged_Nomerge)

(0.137)

(0.135)

(0.137)

(0.166)

Independent Perc

−2.127***

−0.950

0.459

0.723

(0.693)

(0.678)

(0.396)

(0.513)

Affiliated Perc.

0.170

0.304

0.0519

−0.224

(0.577)

(0.562)

(0.304)

(0.396)

Financial crisis

−0.126

−0.170

−0.227***

−0.438***

(0.177)

(0.171)

(0.0813)

(0.107)

Lag EPS

0.0717***

0.0619***

0.0268***

0.0316**

(0.0183)

(0.0178)

(0.0100)

(0.0130)

Lag Firm stock perf.

0.547***

0.646***

0.267***

0.464***

(0.161)

(0.156)

(0.0758)

(0.0995)

Lag S&P perf.

−0.500*

−0.253

0.101

−0.0648

(0.283)

(0.274)

(0.131)

(0.172)