Internal corporate restructuring

摘要: Abstract Firms that alter their divisional configurations on average increase shareholder wealth. Gains appear to come from information about investment opportunities and increases in efficiency. Performance before the restructurings suggests poorly organized firms are motivated by market pressures change organizations. Change also occurs healthy as part of growth process. Restructuring often where there is no evidence takeover threats. While stock prices around restructurings, a contemporaneous decline earnings due increased expenses. These findings inconsistent with contention managers into focusing short-run earnings.