2011•Unpublished venueRequires access

Empirical analysis of China's listed firms' divestitures

Lihua Cui, Huizi Quan

Abstract

This paper has chosen 336 listed firms which implemented strategy of divestitures during 2004-2007 as research objectives, using event study on analysis, in order to research listed firms' market performance on divestiture in China. The result shows that share price increases constantly and firms can gain positive cumulative average abnormal returns in a certain period around the announcement date.

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Key concepts: Divestment, China, Business, Industrial organization, Order (exchange), Empirical research, Listed company, Event study