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Evidence on the dark side of internal capital markets

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Estimating Tobin's Q for listed firms in Korea (1980 - 2005) : comparing alternative approaches and an experiment with investment functions

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Is it inefficient investment that causes the diversification discount?

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Evidence on the Dark Side of Internal Capital Markets

Ozbas, Oguzhan - 2010

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 tend to invest less than stand-alone firms in high-Q industries. This …

Persistent link: https://www.econbiz.de/10013148424