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The Valuation Effects of Geographic Diversification : Evidence from U.S. Banks

Goetz, Martin - 2011

This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United …

Persistent link: https://www.econbiz.de/10012460997

Economic Budgeting for Endowment-Dependent Universities

Campbell, John Y.; Stein, Jeremy C.; Wu, Alex A. - National Bureau of Economic Research - 2024

To understand their financial position, universities need to understand the long-term implications of their operating revenues and costs in relation to the financial assets they have available. Standard budgeting procedures that focus on one or two years at a time and use generally accepted...

Persistent link: https://www.econbiz.de/10014544784

Accounting Standards, Information Flow, and Firm Investment Behavior

Cummins, Jason G. - 1994

We present a description of two different accounting regimes that govern reporting practice in most developed countries. 'One-book' countries, e.g. Germany, use their tax books as the basis for financial reporting and 'two-book' countries, e.g. the United States, keep the books largely separate....

Persistent link: https://www.econbiz.de/10012474247

Corporate Governance and Blockchains

Yermack, David - 2015

Blockchains represent a novel application of cryptography and information technology to ag-eold problems of financial record-keeping, and they may lead to far-reaching changes in corporate governance. Many major players in the financial industry have began to invest in this new technology, and...

Persistent link: https://www.econbiz.de/10012456869

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

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

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

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

Incentives for Diversification and the Structure of the Conglomerate Firm

Marshall, William J. - 1984

firm-level diversification …

Persistent link: https://www.econbiz.de/10012477816

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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