全球智库信息集成服务系统(G2TT): Does Diversification Destroy Value? Evidence From Industry Shocks

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w7803
来源ID	Working Paper 7803
	Does Diversification Destroy Value? Evidence From Industry Shocks
	Owen Lamont; Christopher Polk
发表日期	2000-07-01
出版年	2000
语种	英语
摘要	Does corporate diversification reduce shareholder value? Since firms endogenously choose to diversify, exogenous variation in diversification is necessary in order to draw inferences about the causal effect. We examine changes in the within-firm dispersion of industry investment, or diversity.' We find that exogenous changes in diversity, due to changes in industry investment, are negatively related to firm value. Thus diversification destroys value, consistent with the inefficient internal capital markets hypothesis. This finding is not caused by measurement error. We also find that exogenous changes in industry cash flow diversity are negative related to firm value.
主题	Financial Economics ; Corporate Finance
URL	https://www.nber.org/papers/w7803
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/565375
推荐引用方式 GB/T 7714	Owen Lamont,Christopher Polk. Does Diversification Destroy Value? Evidence From Industry Shocks. 2000.