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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
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Learning and the Value of the Firm
Kiyotaki, Nobuhiro - 1990
The paper studies under what conditions the value of the firm occasionally increases for a while before it suddenly drops, like a "bubble". We consider the environment where the trend of net cash flow from a firm's production depends on uncertain quality of a manager, and the manager is...
Persistent link: https://www.econbiz.de/10012475547
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Both Sides of Corporate Diversification : The Value Impacts of Geographic and Industrial Diversification
Bodnar, Gordon M. - 1997
This paper examines the effect of geographic and industrial diversification on firm value for a sample of over 20 … diversification results in over-estimation of the negative value impact of industrial diversification, but has little impact on … estimates of the positive value impact of geographic diversification …
Persistent link: https://www.econbiz.de/10012472587
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Tobin's Q, Corporate Diversification and Firm Performance
Lang, Larry H.P. - 1993
In this paper, we show that Tobin's q and firm diversification are negatively related. This negative relation holds for … different diversification measures and when we control for other known determinants of q. We show further that diversified firms … number of segment constant. Our evidence is consistent with the view that firms seek growth through diversification when they …
Persistent link: https://www.econbiz.de/10012474577
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Innovation and Market Value
Hall, Bronwyn H. - 1999
motivation for using a market value equation to price knowledge assets is discussed and the theory behind this equation is …
Persistent link: https://www.econbiz.de/10012471824
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Irreversible Investment, Capacity Choice, and the Value of the Firm
Pindyck, Robert S. - 1986
and future demand is uncertain. Investment requires the full …
Persistent link: https://www.econbiz.de/10012477092
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Tax Reform, Investment, and the Value of the Firm
Auerbach, Alan J. - 1986
The taxation of corporate assets is well understood to influence investment and firm valuation. This paper explores the consequences of postwar U.S. tax changes in a dynamic model which incorporates costs of adjustment and investor expectations of future tax reforms and macroeconomic...
Persistent link: https://www.econbiz.de/10012477274
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Inflation and the Valuation of Corporate Equities
Summers, Lawrence H. - 1981
financial theory holds that equity should be a good inflation hedge since it represents a claim of real rather than nominal …
Persistent link: https://www.econbiz.de/10012478287
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Expectations and Valuation of Shares
Malkiel, Burton G. - 1980
suggested by the theory. We also find that the expected security returns implied by the expectations data are related to …
Persistent link: https://www.econbiz.de/10012478669
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The Valuation of Long-Dated Assets
Martin, Ian - 2010
The expected time- and risk-adjusted cumulative return on any asset equals one at all horizons. Nonetheless, I show that a typical asset's realized time- and risk-adjusted cumulative return tends to zero almost surely. As a corollary, the value of a typical long-dated asset is driven by extreme...
Persistent link: https://www.econbiz.de/10012462436