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Multinationals and the Gains from International Diversification

Rowland, Patrick F. - 1998

One possible explanation for home bias is that investors may obtain indirect international diversification benefits by … tests to examine the diversification potential of multinational firms and foreign market indices for investors domiciled in … multinational stocks. However, there is weak evidence that U.S. multinationals provided global diversification benefits in the full …

Persistent link: https://www.econbiz.de/10012472081

The Diversification Discount : Cash Flows vs. Returns

Lamont, Owen - 1999

Diversified firms have different values than comparable portfolios of single-segment firms. These value differences must be due to differences in either future cash flows or future returns. Expected security returns on diversified firms vary systematically with relative value. Discount firms...

Persistent link: https://www.econbiz.de/10012471389

Global Diversification, Growth and Welfare with Imperfectly Integrated Markets for Goods

Dumas, Bernard - 1999

In this article, we examine the effect of the imperfect mobility of goods on international risk sharing and, through that, on the investment in risky projects, welfare and growth. We find that the welfare gain of financial market openness is not monotonic with respect to investors' risk aversion...

Persistent link: https://www.econbiz.de/10012471806

Incentives for Diversification and the Structure of the Conglomerate Firm

Marshall, William J. - 1984

firm-level diversification …

Persistent link: https://www.econbiz.de/10012477816

Obfuscation, Learning, and the Evolution of Investor Sophistication

Carlin, Bruce Ian - 2009

Investor sophistication has lagged behind the growing complexity of retail financial markets. To explore this, we develop a dynamic model to study the interaction between obfuscation and investor sophistication. Taking into account different learning mechanisms within the investor population, we...

Persistent link: https://www.econbiz.de/10012463695

Immigration and Product Diversity

Mazzolari, Francesca - 2009

We study the effects of immigration on the diversity of consumption choices. Data from California in the 1990s indicate that immigration is associated with fewer stand-alone retail stores, and a greater number of large and in particular big-box retailers - evidence that likely contradicts a...

Persistent link: https://www.econbiz.de/10012463748

Entrepreneurial Finance and Non-diversifiable Risk

Chen, Hui - 2009

by a generalized tradeoff model where leverage via risky non-recourse debt provides significant diversification benefits … equity further improve diversification and raise the entrepreneur's valuation of the firm. Finally, entrepreneurial risk …

Persistent link: https://www.econbiz.de/10012463800

Diversification and the Optimal Construction of Basis Portfolios

Lehmann, Bruce N. - 2003

Nontrivial diversification possibilities arise when a factor model describes security returns. In this paper, we …

Persistent link: https://www.econbiz.de/10012469242

Mentoring and Diversity

Athey, Susan - 1998

This paper studies the forces which determine how diversity at a firm evolves over time. We consider a dynamic model o a single firm with two levels of employees, the entry level and the upper level. In each period, the firm selects a subset of the entry-level workers for promotion to the upper...

Persistent link: https://www.econbiz.de/10012472306

Do Nontraded Goods Explain the Home Bias Puzzle?

Pesenti, Paolo - 1996

domestic shares under full diversification. When stock-market data are directly used, the predicted coefficient of home bias …

Persistent link: https://www.econbiz.de/10012473049

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