goodwill for the benefit of financial investors, leaving to the asset managers the part of diversifying the risks. Refocusing … with various related diversification maneuvers. As if all groups had to converge to their own optimal level of … diversification. Re-focusing means a tendency of groups to choose portfolio strategies relevant with business relatedness. …

We present a simple new explanation for the diversification discount in the valuation of firms. We demonstrate that …, ceteris paribus, limited liability of equity holders is sufficient to explain a diversification discount. To derive this … result, we use a credit risk model based on the value of the firm's assets. We show that a conglomerate can be regarded as an …

dans la tâche de diversification des risques. Le recentrage est une tendance de longue période. Il ne se confond pas avec … la stratégie générique de spécialisation, il est même compatible avec certaines formes de diversification cohérente. Tout … se passe comme si chaque groupe tentait de converger vers son niveau "optimal" de diversification. Le recentrage désigne …