TY  - JOUR
TI  - The diversification discount: cash flows vs. returns
T2  - Journal of Finance
IS  - 5
KW  - cash flow
KW  - firm value
KW  - portfolio theory
AB  - Diversified firms have different values than comparable portfolios of 
single-segment firms. These value differences must be due to 
differences in either future cash flows or future returns. Expected 
security returns on diversified firms vary systematically with 
relative value. Discount firms have significantly higher subsequent 
returns than premium firms. Slightly more than half of the 
cross-sectional variation in excess values is attributable to 
variation in expected future cash flows, with the remainder 
attributable to variation in expected future returns and to 
covariation between cash flows and returns. 
AU  - Polk, Christopher
AU  - Lamont, Owen
UR  - http://ecsocman.hse.ru/text/16705666/
PY  - 2001
SP  - 1693-1721
M2  - 1693
VL  - 56
SN  - 
N1  - 
LA  - EN
CY  - 
PB  - 
M3  - 
LB  - 
VL  - 
ER  -