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Asian Review of Financial Research, Vol., No..
pp.581~595
pp.581~595
Asset Sales and Operating Performance
Yong Hyeon Kim Hansei University
Nam Gon Kim Dongduk Women's University
This paper investigates the long-run operating performance following firms' asset sale from 1990 to 2007 in Korea. The operating performance are substantially worse than their matching firms in the three years after the sale. This paper also examines the relevance of the focus hypothesis, the financing hypothesis, and the agency hypothesis to explain the asset sale decision. We fail to find support for the three hypotheses.
Yong Hyeon Kim
Nam Gon Kim
This paper investigates the long-run operating performance following firms' asset sale from 1990 to 2007 in Korea. The operating performance are substantially worse than their matching firms in the three years after the sale. This paper also examines the relevance of the focus hypothesis, the financing hypothesis, and the agency hypothesis to explain the asset sale decision. We fail to find support for the three hypotheses.