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The purpose of this research is to study the impact of divestitures on shareholder wealth. This study covers selloffs of publicly traded companies in Germany, Austria and Switzerland (DACH region) during the period 2002–2018. It aims to understand the overall effect of selloffs on shareholder wealth as well as the impact of important influencing factors.

This study is part of capital market studies which investigate shareholder wealth effects (abnormal returns) using event study methodology. To determine the significance of abnormal returns, a standardized cross-sectional test as suggested by Boehmer et al. (1991) was applied. The sample consists of 393 selloffs of publicly traded companies with a deal value of at least EUR 10m.

The findings confirm the overall positive impact of selloffs on shareholder wealth. The average abnormal return on the announcement day of the sample companies amounts to 1.33%. The type of buyer, the relative size of the transaction as well as the financial situation of the seller in particular seem to influence abnormal returns positively.

This study investigates shareholder wealth creation through selloffs in the DACH region, a largely neglected region in divestiture research, but now very relevant due to increasing pressure of active foreign investors. Sophisticated statistical methods were used to generate robust findings, which are in line with the results of similar studies for the US and the UK.

WITH the passing of Easier the British librarian enters upon summer arrangements and a new financial year at the same time. There have been no severe complaints of undue financial “cutting” from public librarians; but there has been no very lusty jubilation caused by undue amplitude in appropriations. We may be grateful that in the general Stringency matters are not worse than they are. Our time will come. As for the summer work of libraries: of late there has been a tendency for the issues, during what are usually thought to be the slacker months, to approximate to those of winter time. This is not wholly, or even largely, due to the organization of holiday literature exhibitions and similar “added” activities, but it appears to be the result of increased reading habit. At the same time it must be remembered that last summer was not an out‐door one.

This article is an investigation of attitudes of White Americans towards Black Americans using General Social Survey data collected by the National Opinion Research Center from 1972 through 1980. Two trends emerge from the data. One trend, predicted by the literature, is one of liberal change among items based on the desirability of racially mixed social contact. A second trend suggests that through the seventies, White Americans become increasingly less willing to condone government spending to alleviate conditions of racial inequality. This inconsistency raises the issue of question validity, which is addressed by an analysis of response patterns of three items in full predictive models. The results suggest that in measuring racial prejudice in a society becoming generally more conservative, questions focussing on public policy should be considered in addition to questions of social contact.

Starts out by documenting the massive scale of early, and disability, retirement in Hungary and Poland, during the first seven years of the post‐communist transition. Sums up that the Hungarian and Polish governments had urgent reasons to design social policies to try to halt the danger of large‐scale protests in the 1990s.

WITH the Pompey doldrum in mind, many misgivings were expressed about the Rothesay conference as the delegated gravy trains raced north to Glasgow. (Incidentally Sir Brian Robertson will find comfort in our belief that rail travel is the most satisfying way to attend conference with corridor exchanges and dining car badinage shortening the long haul).

With the Pompey doldrum in mind, many misgivings were expressed about the Rothesay conference as the delegated gravy trains raced north to Glasgow. (Incidentally Sir Brian Robertson will find comfort in our belief that rail travel is the most satisfying way to attend conference with corridor exchanges and dining car badinage shortening the long haul).