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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. |
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w7803.pdf(182KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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