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来源类型Working Paper
规范类型报告
DOI10.3386/w7873
来源IDWorking Paper 7873
Asset Liquidity and Segment Divestitures
Frederik P. Schlingemann; Rene M. Stulz; Ralph A. Walkling
发表日期2000-09-01
出版年2000
语种英语
摘要We investigate a sample of firms whose number of reported segments falls by one or more for the first time in their reporting history. The firms in our sample have a significantly larger diversification discount, underperform, and underinvest relative to comparable firms. Firms are more likely to divest segments from industries with a more liquid market for corporate assets, segments unrelated to the core activities of the firm, poorly performing segments, and small segments. The liquidity of the market for corporate assets plays an important role in explaining why some firms divest assets while others stop reporting them without divesting them, and why some firms divest core segments while others divest unrelated segments.
主题Financial Economics ; Corporate Finance
URLhttps://www.nber.org/papers/w7873
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/565458
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GB/T 7714
Frederik P. Schlingemann,Rene M. Stulz,Ralph A. Walkling. Asset Liquidity and Segment Divestitures. 2000.
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