Value Creation of Spin-offs and Carve-outs
Dissertation zur Erlangung der Würde eines Doktors der Staatswissenschaften vorgelegt der Wirtschaftswissenschaftlichen Fakultät der Universität Basel

von Roger Rüdisüli von Amden SG

Difo-Druck GmbH Bamberg 2005

Genehmigt von der Wirtschaftswissenschaftlichen Fakultät der Universität Basel auf Antrag von Prof. Dr. Heinz Zimmermann und Ass.-Prof. Dr. Wolfgang Drobetz.

Basel, den 10. Mai 2005

Der Dekan Prof. Dr. Heinz Zimmermann

Acknowledgements

V

Acknowledgements
My dissertation would not have been possible without the support of various people to whom I would like to express my sincere gratitude. Firstly, I would like to thank my academic supervisors Heinz Zimmermann and Wolfgang Drobetz of the University of Basel (Switzerland) for their academic guidance, encouraging support and the very pleasant cooperation. Special thanks goes to Jürg Wicki for his advice in selecting the subject, structuring the dissertation, and choosing its fundamental building blocks. I am also heavily indebted to Neelesh Singhal and his team at McKC in Madras (India) who helped me to find the vast amount of data used in my research. Without their assistance it would have been impossible to obtain the data. I am also grateful to Sabine Keller-Busse and the partners of McKinsey & Company in the Zurich office for making my educational leave possible and for the financial assistance provided. My acknowledgement also goes to Thomas Bollinger, for his helpful advice on statistical aspects and his “out-of-the-box ideas”. The criticism and input from Jürg Schiltknecht regarding legal and tax matters were important as well. I wish to express my thanks also to Peter Staub for his valuable advice on structuring the dissertation and on accounting and governance issues. Finally, I would like to thank Nadine for her love and