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SUMMARY:A solution to the Palm - 3Com spin-off puzzles
DTSTART:20141212T103000
DTEND:20141212T120000
DTSTAMP:20260407T010644Z
UID:b65149195bb88634f731c7d29db50ec020a02a527043868eab47e211
CATEGORIES:Conferences - Seminars
DESCRIPTION:Chester SPATT (Carnegie Mellon University)\nThis paper revisit
 s the relative pricing of Palm and 3Com shares in 2000. We offer a simple 
 rational explanation of the Palm/3Com price relationship before Palm’s s
 pinoff is completed. Lending fees and spin-off uncertainty are crucially i
 mportant to understanding the relative levels and co-movement of Palm and 
 3Com share prices. We use Palm’s post-spinoff forward prices (calculated
  from the market prices of calls and puts) and model the spin-off uncertai
 nty in valuing 3Com. Considering forward pricing and spin-off uncertainty 
 resolves many of the observed pricing puzzles\, including the sharp change
  in relative price behavior once the spinoff uncertainty is resolved on Ma
 y 8\, 2000.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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