Answer: Research, such as research by Skantz and Marchesini, as well as that of Hite, Owers, and Rogers found that unlike divestitures, announcements of voluntary liquidations were not associated with

Answer: Research, such as research by Skantz and Marchesini, as well as that of Hite, Owers, and Rogers found that unlike divestitures, announcements of voluntary liquidations were not associated with positive shareholder wealth effects.