Therefore, the analysis here reviews the effect of the announcement of disinvestment on the rates of return of the disinvesting firms from 1980 to 1991, as the majority of U.
Using the daily CRSP tapes, the analysis reviews the announcement effect for all available disinvesting firms from 1980 to 1991.
Out of these 52 disinvesting companies, 40 had complete returns data as identified through the use of CUSIP numbers on the available version of the CRSP tapes for the relevant period of 1980 until the end of 1991.
Dr Bennell argues that the process is not a new one, but has been going on for years, with one third of British manufacturing companies disinvesting from their African operations in the target area of his research - English Speaking Africa (ESA) - during the 1970s and 80s.
Even companies that have been in Africa for quite a long while are finding that their margins are being squeezed to a point where they are no longer worth the candle - and they are disinvesting as a result".
While African countries are busy trying to woo new foreign investors, British companies have been quietly disinvesting from English speaking African countries.
According to the report published by the Institute of Development Studies, British companies have been quietly disinvesting from English Speaking African countries (ESA) since the beginning of the 1980s.
Some of the most important disinvesting companies include: Chloride and Lucas (car batteries), Leyland Trucks (vehicle assembly), Courtaulds (paper, packaging), Boots and Welcome (pharmaceuticals), Low and Bonar (textiles, plastics, engineering), Pilkington (glass), Raleigh (bicycles), Norcros (metal doors and window frames), Silentnight (furniture), Whitecroft (plastics, office equipment), Bain and RTZ (tools, implements), Lonrho (paper, printing and packaging, food and drink), and Allied Lyons and Dalgety (food).