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The dark side of firm diversity : an empirical examination of the impact of firm diversity on resource allocation efficiency in multidivisional firms
Tag, Mehmet Nasih - In: Istanbul business research 51 (2022) 2, pp. 643-668
There is a renewed debate about whether multidivisional firms allocate resources efficiently across their divisions. This paper contributes to the literature on this debate by developing and testing a conceptual framework that links resource allocation efficiency to three forms of firm-level...
Persistent link: https://www.econbiz.de/10014330307
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Opening the Black Box: Internal Capital Markets and Managerial Power
Glaser, Markus; Lopez-de-Silanes, Florencio; Sautner, … - Volkswirtschaftliche Fakultät, … - 2010
We analyze the internal capital markets of a multinational conglomerate to determine whether more powerful unit managers enjoy larger allocations. We use a new dataset of planned and actual allocations to business units to show that, although all unit managers systematically over-budget capital...
Persistent link: https://www.econbiz.de/10008804695
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The Solvency II Standard Formula, linear geometry, and diversification
Paulusch, Joachim - In: Journal of risk and financial management : JRFM 10 (2017) 2, pp. 1-12
framework given by the Solvency II Standard Formula. This gives rise to the definition of diversification functions, which we … define as monotone, subadditive, and homogeneous functions on a convex cone. Diversification functions constitute a class of … models for the study of the aggregation of risk and diversification. The aggregation of risk measures using a diversification …
Persistent link: https://www.econbiz.de/10011669008
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Mis-allocation within firms: internal finance and international trade
Dörr, Sebastian; Marin, Dalia; Suverato, Davide; … - 2022
Persistent link: https://www.econbiz.de/10013327217
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Internal capital markets and diversified firms : theory and practice
Gatzer, Sebastian; Hoang, Daniel; Ruckes, Martin E. - 2015 - This Version: June 15, 2015
We analyze a unique dataset from a survey of CFOs of diversified firms to examine four areas of diversification and … internal capital markets: causes and financing effects of corporate diversification, capital budgeting processes, capital … projections provided by divisions it also uses its own qualitative information. Top management is aware of agency and information …
Persistent link: https://www.econbiz.de/10011761145
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Actuarial geometry
Mildenhall, Stephen J. - In: Risks 5 (2017) 2, pp. 1-44
The literature on capital allocation is biased towards an asset modeling framework rather than an actuarial framework. The asset modeling framework leads to the proliferation of inappropriate assumptions about the effect of insurance line of business growth on aggregate loss distributions. This...
Persistent link: https://www.econbiz.de/10011996651
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The Solvency II Standard Formula, linear geometry, and diversification
Paulusch, Joachim - In: Journal of Risk and Financial Management 10 (2017) 2, pp. 1-12
framework given by the Solvency II Standard Formula. This gives rise to the definition of diversification functions, which we … define as monotone, subadditive, and homogeneous functions on a convex cone. Diversification functions constitute a class of … models for the study of the aggregation of risk and diversification. The aggregation of risk measures using a diversification …
Persistent link: https://www.econbiz.de/10011843289
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Actuarial geometry
Mildenhall, Stephen J. - In: Risks : open access journal 5 (2017) 2, pp. 1-44
The literature on capital allocation is biased towards an asset modeling framework rather than an actuarial framework. The asset modeling framework leads to the proliferation of inappropriate assumptions about the effect of insurance line of business growth on aggregate loss distributions. This...
Persistent link: https://www.econbiz.de/10011687307
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What Is the Best Risk Measure in Practice? A Comparison of Standard Measures
Emmer, Suzanne; Kratz, Marie; Tasche, Dirk - HAL - 2013
Expected Shortfall (ES) has been widely accepted as a risk measure that is conceptually superior to Value-at-Risk (VaR). At the same time, however, it has been criticized for issues relating to backtesting. In particular, ES has been found not to be elicitable which means that backtesting for ES...
Persistent link: https://www.econbiz.de/10010821003
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Coordination Costs, Organization Structure and Firm Growth.
Zhou, Yue Maggie - 2008
examines the impact of coordination costs on firms’ diversification strategies. A synergistic view of diversification suggests … effects of synergies and coordination costs, and offers a unique explanation for the limit to related diversification. Study …
Persistent link: https://www.econbiz.de/10009477098