Equity Carve-outs as Acquisitions of Strategic Real Options Silvia Rossetto University of Amsterdam ∗ Enrico Perotti University of Amsterdam and CEPR † Mark Kranenburg University of Amsterdam First Draft: Jun 2002 October 30, 2002 ∗ Tinbergen Institute, Keizersgracht 482, NL-1017 EG Amsterdam, The Netherlands. e-mail: rossetto@tinbergen.nl † Finance Departement, Roeterstraat 11, 1018 WB Amsterdam, The Netherlands