Diversification's effect on firm value
Опубликовано на портале: 03-10-2003
Journal of Financial Economics.
1995.
Vol. 37.
No. 1.
P. 39-65.
Тематические разделы:
In this article estimates diversification's effect on firm value by imputing stand-alone
values
for individual business segments. Comparing the sum of these stand-alone values to
the firm's actual value implies a 13% to 15% average value loss from diversification
during 1986-1991. The value loss is smaller when the segments of the diversified
firm are in the same two-digit SIC code. We find that overinvestment and cross-subsidization
contribute to the value loss. The loss is reduced modestly by tax benefits of diversification.
Статья используется в учебной программе "Seminar in Corporate Finance", Howe J.S.
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текст статьи в формате pdf можно найти на cтранице сайта Elsevier Science, журналу Journal of Financial Economics:
http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B6VBX-3YRS501-2&_user=10&_handle=W-WA-A-A-C-MsSAYWA-UUA-AUCAVAEBAZ-CWZWBECWA-C-U&_fmt=summary&_coverDate=01%2F31%2F1995&_rdoc=2&_orig=browse&_srch=%23toc%235938%231995%23999629998%23167199!&_cdi=5938&view=c&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=e05f189839336afc1e3b545ad5f6fdc1
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