A Wavelet Packet Approach To Earthquake And Mining Shocks Wave Classification

These years, the quantities and value of divestitures have been increasing both domestic and abroad. Contrary to M&A, either the academic or the business doesn't attach the same importance to divesture. The quantity of the research on divesture is relatively small, and these researchers still have different opinion on divesture both from empirical finding and theoretical analysis. This dissertation focuses on divesture only.This dissertation describes the actuality of divesture of listed company in our country and analysis the different effect on the value of listed company. And then choosing 85 divestiture events from Shanghai and Shenzhen Stock Exchange in 2004, do empirical research using Event Studies based on stock prices. CAR during Event Window (-10, + 10) is -0.92%, but not significant statistically. Days between -10 and +5, all the CAR value is positive, but still not significant statistically. We can conclude divestiture can bring wealth to shareholders in several days before and after declaring day, but don't have significant effect on listed company. And then the writer explain and analysis the results .