Résumé
This study attempts to explain the impact of sell-off on shareholder wealth by strategic and financial context of this operation. A classification is made a priori. An examination of firm financial conditions around sell-off announcement date shows a relationship between type of divestiture and financial profiles of the firm. Further, we show that financial market reacts differently to each divestiture type. These findings confirm the strategic and financial context of sell-off on stock-holders wealth.