| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w6352
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| 来源ID | Working Paper 6352
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| The Dark Side of Internal Capital Markets II: Evidence from Diversified Conglomerates |
| David S. Scharfstein
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| 发表日期 | 1998
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| 出版年 | 1998
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| 语种 | 英语
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| 摘要 | This paper is an empirical examination of capital allocation in a sample of 165 diversified" conglomerates in 1979. I find that divisions in high-Q manufacturing industries tend to invest" less than their stand-alone industry peers, while divisions in low-Q manufacturing industries tend" to invest more than their stand-alone industry peers. This sort of socialism in which investment tends to get equalized across divisions is particularly pronounced in a" conglomerate's smaller divisions. It is also more pronounced in firms in which management has" small equity stakes suggesting that agency problems between corporate headquarters and" investors are at the root of the problem. By 1994, only 53 (32%) of these firms continue to be" free-standing diversified conglomerates. Fifty-five (33%) choose to sell off unrelated divisions" and focus on one core business. These firms tend to sell their smaller divisions do, their investment behavior changes relative to 1979: it more closely resembles that of their" stand-alone industry peers. The remaining 57 (35%) firms were acquired or (in two cases)" liquidated. |
| 主题 | Financial Economics
; Corporate Finance
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| URL | https://www.nber.org/papers/w6352
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563858
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推荐引用方式
GB/T 7714 |
David S. Scharfstein. The Dark Side of Internal Capital Markets II: Evidence from Diversified Conglomerates. 1998.
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文件名：
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w6352.pdf
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格式：
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Adobe PDF
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