全球智库信息集成服务系统(G2TT): The Diversification Discount: Cash Flows vs. Returns

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w7396
来源ID	Working Paper 7396
	The Diversification Discount: Cash Flows vs. Returns
	Owen Lamont; Christopher Polk
发表日期	1999-10-01
出版年	1999
语种	英语
摘要	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 due to variation in expected future cash flows, with the remainder due to variation in expected future returns and to covariation between cash flow and returns.
主题	Financial Economics ; Portfolio Selection and Asset Pricing ; Corporate Finance
URL	https://www.nber.org/papers/w7396
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/564933
推荐引用方式 GB/T 7714	Owen Lamont,Christopher Polk. The Diversification Discount: Cash Flows vs. Returns. 1999.