THIS STRATEGY KEEPS WORKING

摘要

Spin-offs often result in a higher aggregate value for the constituent pieces. A spin-off occurs when a parent firm distributes shares of a subsidiary to the parent's shareholders (often tax-free). Numerous academic studies have demonstrated that spin-offs outperform the overall market by a large margin. Spin-offs, as a group, outperform the broader stock market. During the past 14 years (from Dec. 21. 2002 to Dec. 30, 2016), the Bloomberg U.S. Spun-Off Index returned 714%, while the S&P 500 Index returned 155%.