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Write-Down Timeliness, Line-of-Business Disclosures and Investors’ Interpretations of Segment Divestiture Announcements (2004)

Collins, Denton ; Henning, Steven

Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.

Journal of business finance & accounting 31 (2004), S. 0

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ISSN: 1468-5957

Source: Blackwell Publishing Journal Backfiles 1879-2005

Topics: Economics

Notes: Abstract: This paper examines investors’ anticipation and subsequent interpretations of asset write-downs accompanying segment divestitures. Examining long-window returns cumulated over the two years preceding the year of divestiture, we hypothesize and find that investors anticipate write-downs of segment operating assets before divestiture and recognition occurs, with anticipation conditional on the timeliness of the write-down and prior disclosure of the segments’ operating results under segment reporting rules. Short-window returns cumulated over the three days surrounding the announcement of the divestiture confirm that investor interpretations of asset write-downs are similarly contingent on write-down timeliness and prior disclosure.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1111/j.0306-686X.2004.00574.x

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