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Does Diversification Destroy Value? Evidence From Industry Shocks
Lamont, Owen - 2000
Does corporate diversification reduce shareholder value? Since firms endogenously choose to diversify, exogenous … variation in diversification is necessary in order to draw inferences about the causal effect. We examine changes in the within … investment, are negatively related to firm value. Thus diversification destroys value, consistent with the inefficient internal …
Persistent link: https://www.econbiz.de/10012470947
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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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Corporate Focusing and Internal Capital Markets
Schlingemann, Frederik P. - 1999
A sample of firms that focus by divesting at least one segment allows us to investigate the characteristics of segments divested as well as the nature of focusing firms. We find that firms are more likely to divest segments unrelated to the core activities of the firm and that the probability...
Persistent link: https://www.econbiz.de/10012471612
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Global Diversification, Growth and Welfare with Imperfectly Integrated Markets for Goods
Dumas, Bernard - 1999
In this article, we examine the effect of the imperfect mobility of goods on international risk sharing and, through that, on the investment in risky projects, welfare and growth. We find that the welfare gain of financial market openness is not monotonic with respect to investors' risk aversion...
Persistent link: https://www.econbiz.de/10012471806
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Incentives for Diversification and the Structure of the Conglomerate Firm
Marshall, William J. - 1984
firm-level diversification …
Persistent link: https://www.econbiz.de/10012477816
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Currency Diversification and Export Competitiveness : A Model of the "Egyptian Disease"
de Macedo, Jorge Braga - 1981
experience of real exchange rate appreciation and currency diversification following the increase in oil exports and the partial …
Persistent link: https://www.econbiz.de/10012478337
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Deregulation, Savings and Loan Diversification, and the Flow of Housing Finance
Kane, Edward J. - 1981
This paper assesses the probable impact on S&Ls' profitability and participation in mortgage markets of The Depository Institutions Deregulation and Monetary Control Act of 1980. It tracks inflation-induced secular declines in the value of S&L mortgage holdings between 1965 and 1979 and...
Persistent link: https://www.econbiz.de/10012478481
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Product Innovation, Product Diversification, and Firm Growth : Evidence from Japan’s Early Industrialization
Braguinsky, Serguey - 2020
empirical framework allows for separate treatment of product innovation (vertical differentiation) and diversification …
Persistent link: https://www.econbiz.de/10012479189
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Naïve *Buying* Diversification and Narrow Framing by Individual Investors
Gathergood, John - 2019
portfolio diversification--NPD) or engage in naïve buying diversification (NBD)--equally balancing values in same-day purchases …
Persistent link: https://www.econbiz.de/10012479521
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Measuring the Benefits of Product Variety with an Accurate Variety Set
Blonigen, Bruce A. - 2009
Recent studies have used import data to assess the impact of foreign varieties on prices and welfare for a home country. The reliance on import data has a number of limitations. First, these papers rely on goods categories defined by the Harmonized System. Second, they define varieties using the...
Persistent link: https://www.econbiz.de/10012463693