Equity Valuation of Modern Master Limited Partnerships
| dc.contributor.advisor | Wilson, Ryan | |
| dc.contributor.author | Mandell, Aaron | |
| dc.date.accessioned | 2015-08-18T22:59:16Z | |
| dc.date.available | 2015-08-18T22:59:16Z | |
| dc.date.issued | 2015-08-18 | |
| dc.description.abstract | Using a sample of 57 master limited partnerships (MLPs) formed from corporate assets between 1982 and 2011, I examine the share price effects on parent corporations from forming MLPs. Specifically, I compare announcement period returns during the first and second waves of MLP formations—1982-1987 and 1988-2011, respectively—to assess the effect of structural changes in the MLP agency and operating environments on the market response to MLP formation. I document significantly higher 3-day and 5-day announcement period returns for second wave MLP formations, suggesting that changes to the MLP agency and operating environments have enhanced the value impact of MLP formation. I also find evidence that parent corporations benefit from the increased opportunity to exploit conflicts of interest with the MLP, which arise from these changes. Finally, I examine the prediction of prior literature that MLP formation improves the parent company’s information environment, finding support for this assertion in the form of reduced idiosyncratic return volatility. | en_US |
| dc.identifier.uri | https://hdl.handle.net/1794/19223 | |
| dc.language.iso | en_US | |
| dc.publisher | University of Oregon | |
| dc.rights | All Rights Reserved. | |
| dc.subject | Agency problems | en_US |
| dc.subject | Equity carve-out | en_US |
| dc.subject | Master limited partnerships | en_US |
| dc.title | Equity Valuation of Modern Master Limited Partnerships | |
| dc.type | Electronic Thesis or Dissertation | |
| thesis.degree.discipline | Department of Accounting | |
| thesis.degree.grantor | University of Oregon | |
| thesis.degree.level | doctoral | |
| thesis.degree.name | Ph.D. |
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