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Is There a Diversification Discount in Financial Conglomerates?
Laeven, Luc - 2005
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 …
Persistent link: https://www.econbiz.de/10012784437
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Bank Ties and Bond Market Access : Evidence on Investment-Cash Flow Sensitivity in Japan
McGuire, Patrick - 2003
The banking literature has established that banks can alleviate information asymmetries between lenders and borrowers, while the Q literature has used cash flow sensitivity analysis to test whether financing constraints hinder investment. This paper investigates whether bank ties in Japan were...
Persistent link: https://www.econbiz.de/10012786618
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The Structure and Formation of Business Groups : Evidence from Korean Chaebols
Almeida, Heitor; Park, Sang Yong; Subrahmanyam, Marti G.; … - 2021
In this paper we study the determinants of business groups' ownership structure using unique panel data on Korean chaebols. In particular, we attempt to understand how pyramids form over time. We find that chaebols grow vertically (that is, pyramidally) as the family uses well-established group...
Persistent link: https://www.econbiz.de/10013311947
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Who Lives in the C-Suite? Organizational Structure and the Division of Labor in Top Management
Guadalupe, Maria - 2014
team composition, firm diversification, and IT investments--which arguably alter returns to exploiting synergies through …
Persistent link: https://www.econbiz.de/10013066601
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Investment During the Korean Financial Crisis : A Structural Econometric Analysis
Gilchrist, Simon - 2007
This paper uses firm-level panel data to analyze the role of financial factors in determining investment outcomes during the Korean financial crisis. Our identification strategy exploits the presence of foreign-denominated debt to measure shocks to the financial position of firms following the...
Persistent link: https://www.econbiz.de/10012776205
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Firm-Specific Information and the Efficiency of Investment
Chari, Anusha - 2006
We use a new firm-level dataset to examine the efficiency of investment in emerging economies. In the three-year period following stock market liberalizations, the growth rate of the typical firm's capital stock exceeds its pre-liberalization mean by an average of 5.4 percentage points....
Persistent link: https://www.econbiz.de/10012780226
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Corporate Tax Avoidance and Firm Value
Dharmapala, Dhammika - 2010
How do investors value managerial actions designed solely to minimize corporate tax obligations? Using a framework in which managers' tax sheltering decisions are related to their ability to divert value, this paper predicts that the effect of tax avoidance on firm value should vary...
Persistent link: https://www.econbiz.de/10012762477
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Conglomerate Industry Choice and Product Differentiation
Hoberg, Gerard - 2011
conglomerates are most likely to operate and to understand conglomerate valuations. We find that conglomerates are more likely to … opportunities "between" them. Conglomerate firms have lower stock market valuations than matched single-segment firms when their … products are easier to replicate with single-segment firms. Conglomerate firms have stock market premiums when they have higher …
Persistent link: https://www.econbiz.de/10013122462
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An International Perspective of Japan's Corporate Groups and Their Prospects
Yafeh, Yishay - 2010
This paper reviews the literature on corporate groups in Japan and elsewhere, and offers a comparison of Japan's corporate groups with groups in other developed and developing countries. It then proceeds to examine the evolution of corporate groups in Japan since the mid-1970s. The main...
Persistent link: https://www.econbiz.de/10012762884
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Business Groups and the Incorporation of Firm-Specific Shocks into Stock Prices
Faccio, Mara - 2019
In lower-income economies, stocks exhibit less idiosyncratic volatility and business groups are more prevalent. This study connects these two findings by showing that business group affiliated firms' stock returns exhibit less idiosyncratic volatility than do the returns of otherwise similar...
Persistent link: https://www.econbiz.de/10012869223