Gao, Wenlian; Ng, Lilian; Wang, Qinghai - In: Journal of Corporate Finance 14 (2008) 5, pp. 674-687
We find that the geographic dispersion of a corporation affects its firm valuation. Firms with subsidiaries located in different regions of the United States experience a valuation discount of 6.2% after controlling for the impact of both global and industrial diversifications. The valuation...