Fleming, Grant; Oliver, Barry; Skourakis, Steven - In: Accounting and Finance 43 (2003) 2, pp. 167-185
This paper refines the Berger and Ofek (1995) methodology to estimate the valuation discount of multi-segment firms in Australia between 1988 and 1998. Evidence is found that based on earnings before tax, the sample of multi-segment firms traded at a 29 per cent greater discount than a...