Abstract In the past 10 years, various stylized facts have accumulated regarding the rate at which firms spawn spinoffs, the performance of spinoffs, and the effect of spinoffs on their parents. We review the evidence and use it to reflect on the various theories that have been developed to explain spinoffs. Many questions remain about spinoffs, and we discuss research opportunities associated with these questions. We also discuss implications of the accumulating evidence and theories for public policies bearing on spinoffs.
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