Bovenberg, Lans; Teulings, Coen N. - Tinbergen Instituut - 2007
. Third, and most importantly, making shareholders the ultimate owner of the firm provides the best possible diversification … of firm-specific risks. Whereas globalisation has increased firm-specific risk by intensifying competition, globalisation … of capital markets has also greatly increased the scope for diversification of firm-specific risk. Diversification of …