Working Papers R & D SEQUENTIAL DIVESTITURE THROUGH INITIAL PUBLIC OFFERINGS by J. J. REUER* and J-C SHEN** 2002/23/SM * Assistant Professor of Strategy and Management at INSEAD, Boulevard de Constance, 77305 Fontainebleau Cedex, France. ** PhD Candidate in Strategy and Management at INSEAD, Boulevard de Constance, 77305 Fontainebleau Cedex, France. A working paper in the INSEAD Working Paper Series is intended as a means whereby a faculty researcher's thoughts and findings may be communicated to interested readers. The paper should be considered preliminary in nature and may require revision. Printed at INSEAD, Fontainebleau, France.