This book describes the study on shareholder wealth effects of European spin-offs in the period 1998 until 2007. The results show that in 50% of all cases, shareholders of parent firms face positive wealth effects around the announcement date of a European spin-off. The results in this book show also that shareholders are not better off within one and two years after a spin-off transaction since returns in excess of matching firms are strongly insignificant for parent, off-spring and pro-forma combined firms. Nevertheless, managers whose remuneration package is linked to the operating...