Recent research questions the existence of a conglomerate discount. This study addresses two of the most important explanations for the conglomerate discount and finds evidence in support of an economically and statistically significant discount. The first explanation is that the risk-reducing...

We analyze the valuation effect of board industry experience and channels through which industry experience of outside directors affects firm value. We find that firms with more experienced outside directors are valued at a premium compared to firms with less experienced outside directors. We...

Die Forschungsfrage dieser Dissertation ist, ob und in welchem Ausmass die Kostenstruktur eines Unternehmens mit dem Risiko in Beziehung steht, da die Volatilität des Umsatzes und die Kostenstruktur die Volatilität der Gewinne bestimmen. Die Regression von operativen Kosten mit den Umsätzen...

We investigate whether investor reactions to the announcement of a new outside director appointment significantly depend upon the director's experience in the appointing firm's industry. Our sample includes 688 outside director appointments to boards of S&P 500 companies from 2005 to 2010. We...