By a well-known argument, securities holders do not directly benefit from risk-reducing corporate diversification when they can replicate this difersification on their own. Some have argued that corporate diversification may be of value, or can otherwise be explained by, the agency relationship...

Firms undertake a variety of actions to reduce risk through diversification, including entering diverse lines of business, taking on project partners, and maintaining portfolios of risky projects such as Ramp;D or natural resource exploration. By a well-known argument, securities holders do not...

An unusual feature of two-sided markets is that there is no consensus regarding what they are. Our approach to deriving a definition is to identify examples that have been found to represent an interesting phenomenon in common and then reverse engineer the outcomes to determine the drivers of...