Does diversification destroy value? Evidence from the industry shocks
Опубликовано на портале: 03-10-2003
Journal of Financial Economics.
2002.
Vol. 63.
No. 1.
Тематический раздел:
Does corporate diversification reduce shareholder value? Since firms endogenously
choose to diversify, exogenous variation in diversification is necessary to draw
inferences about the causal effect. We examine changes in the within-firm dispersion
of industry investment, or "diversity". We find that exogenous changes in diversity,
due to changes in industry investment, are negatively related to firm value. Thus
diversification destroys value, consistent with the inefficient internal capital
markets hypothesis. Measurement error does not cause this finding. We also find that
exogenous changes in industry cash flow diversity are negatively related to firm
value
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http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B6VBX-44B2DFB-1&_user=10&_handle=W-WA-A-A-C-MsSAYWW-UUW-AUCAVWAYCE-CWZWYCBBB-C-U&_fmt=summary&_coverDate=01%2F31%2F2002&_rdoc=2&_orig=browse&_srch=%23toc%235938%232002%23999369998%23276133!&_cdi=5938&view=c&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=61e44c232683b56280baa58eedef2ad8
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См. также:
Journal of Business.
1961.
Vol. 34.
No. 4.
P. 411-433.
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