Denis, David J.; Denis, Diane K.; Yost, Keven - In: Journal of Finance 57 (2002) 5, pp. 1951-1979
Using a sample of 44,288 firm-years between 1984 and 1997, we document an increase in the extent of global diversification over time. This trend does not reflect a substitution of global for industrial diversification. We also find that global diversification results in average valuation...