Ozbas, Oguzhan; Scharfstein, David S. - In: Review of Financial Studies 23 (2010) 2, pp. 581-599
This article documents differences between the Q-sensitivity of investment of stand-alone firms and unrelated segments of conglomerate firms. Unrelated segments exhibit lower Q-sensitivity of investment than stand-alone firms. This fact is driven by unrelated segments of conglomerate firms that...