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) |