The purpose of this study is to extend the current understanding of business divestiture by investigating its potential for triggering strategic reorientation. A divestiture involving strategic reorientation is here denoted as a strategic business exit, otherwise it is a status...

It has been widely suggested that since the early 1980s many diversified firms narrowed the scopeof their activities by refocusing on their core businesses, primarily through divestment activity.This study examines the extent and determinants of divestment across a large sample of UK firmsover...

We analyse whether family firms differ from non-family firms in terms of business segment and geographical diversification or the application of currency hedging instruments. This analysis is based on a unique dataset of 339 publicly listed companies (1,561 firm years) in the German Prime...

This paper investigates the relative performance of local and foreign financial analysts on Latin American emerging markets.

Ein großer Anteil der multinational tätigen Großunternehmen ist in technologieintensiven, dynamischen Branchen tätig und verfügt über ein breites Spektrum an technologischen Ressourcen. In den vergangenen Dekaden hat ein Großteil dieser Unternehmen zunehmend Wertschöpfungsleistungen an...

Die Gestaltung der Produktpalette war ein zentrale Herausforderung für ostdeutsche Unternehmen nach der Wende. Spezialisierung oder eine diffuse Generalistenstrategie war die Frage. Welche Strategie sich durchgesetzt hat und ob der Anschluss an den Westen gelang, wird in dieser Arbeit erstmals...

The aim of this paper is to examine the impact of capital and risk transfer instruments on diversification and insolvency risk in a parent-subsidiary relationship. To better assess the effects, we compare this setting to the case of a holding company and an integrated financial group. In the...

During the past two years, private equity funds have acquired substantial portfolios of nonperformingloans from banks in Germany. Typically a private equity investor does notcommit funds unless exit strategies are clearly defined. The usual exit strategies for distresseddebt investors are “fix...

We survey the phenomenon of the growth of firms drawing on literature from economics,management, and sociology. We begin with a review of empirical ‘stylised facts’before discussing theoretical contributions. Firm growth is characterized by a predominantstochastic element, making it...

Die zunehmende Globalisierung der weltweiten Realwirtschaften hat zu einem Anstieg derKorrelationen zwischen den Aktienmärkten der unterschiedlichen Länder geführt. Damit einhergehendwird für internationale Aktieninvestoren eine Länderdiversifikation ihrer Aktienportefeuillesimmer weniger...