valuations. We find that there is a diversification discount: The marketvalues financial conglomerates that engage in multiple … indicate that economies of scope arenot sufficiently large to produce a diversification premium …

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

diversification declined significantly during the second half of the decade. The mean number of industries in which firms operated … operated. using plant-level Census Bureau data, we show that productivity is inversely related to the degree of diversification …, the lower the productivity of its plants. Hence de-diversification is one of the means by which recent takeovers have …

In this paper we revisit the relationship between democracy, redistribution and inequality. We first explain the … theoretical reasons why democracy is expected to increase redistribution and reduce inequality, and why this expectation may fail … to be realized when democracy is captured by the richer segments of the population; when it caters to the preferences of …

We provide evidence that democracy has a significant and robust positive effect on GDP. Our empirical strategy relies … on a dichotomous measure of democracy coded from several sources to reduce measurement error and controls for country … fixed effects and the rich dynamics of GDP, which otherwise confound the effect of democracy on economic growth. Our …

of democracy (rather than democracy vs. non-democracy) has important consequences for the adoption of structural polices … opposed to majoritarian) and permanent (as opposed to temporary) democracy appear to produce the most growth …

difference in the structural variances in these two sub-samples to gain identification. We find that democracy and the rule of … a negative impact on income levels and democracy, but a positive effect on rule of law. Higher income produces greater … openness and better institutions, but these effects are not very strong. Rule of law and democracy tend to be mutually …