| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17221 |
| 来源ID | Working Paper 17221 |
| Conglomerate Industry Choice and Product Differentiation | |
| Gerard Hoberg; Gordon M. Phillips | |
| 发表日期 | 2011-07-14 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We use text-based computational analysis of business descriptions from 10-Ks to examine in which industries conglomerates are most likely to operate and to understand conglomerate valuations. We find that conglomerates are more likely to operate in industry pairs that are closer together in the product space and in industry pairs that have profitable opportunities "between" them. Conglomerate firms have lower stock market valuations than matched single-segment firms when their products are easier to replicate with single-segment firms. Conglomerate firms have stock market premiums when they have higher product differentiation and produce in more profitable industries. These findings are consistent with successful conglomerate firms having higher product differentiation and lower cost entry into profitable markets when operating in strategically chosen industry pairs. |
| 主题 | Financial Economics ; Corporate Finance ; Industrial Organization ; Market Structure and Firm Performance ; Firm Behavior |
| URL | https://www.nber.org/papers/w17221 |
| 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/574896 |
| 推荐引用方式 GB/T 7714 | Gerard Hoberg,Gordon M. Phillips. Conglomerate Industry Choice and Product Differentiation. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17221.pdf（403KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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