| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3534 |
| DP3534 Technological Change, Organizational Change, and Job Turnover | |
| Thomas Bauer; Stefan Bender | |
| 发表日期 | 2002-09-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We construct an equilibrium model of firm diversification to show that the main empirical findings about firm diversification and performance are consistent with the maximization of shareholder value. In our model, diversification allows a firm to explore better productive opportunities while taking advantage of synergies. By explicitly linking the diversification strategies of the firm to differences in size and productivity, our model provides a natural laboratory to quantitatively investigate several aspects of the relationship between diversification and performance. Specifically, we show that our model is able to rationalize both the evidence on the diversification discount (Lang and Stulz (1994)) and the observed relation between diversification and firm productivity (Schoar (2002)). |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Firm diversification Tobin's q Diversification discount Total factor productivity |
| URL | https://cepr.org/publications/dp3534 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532543 |
| 推荐引用方式 GB/T 7714 | Thomas Bauer,Stefan Bender. DP3534 Technological Change, Organizational Change, and Job Turnover. 2002. |
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