Add to ORKGIn this paper a model based on con‡icts of interest between shareholders, the CEO and divisional managers is developed to explain why corporate diversi…cation is good for some …rms and bad for others. It is shown that when the decision to diversify is endogenous, whether diversi…cation destroys value depends on the severity of con‡icts of interests and the complementarities across divisions and not, as usual in the literature that explains value-decreasing diversi…cation, on the e¢ciency of internal capital markets.
This thesis consists of three empirical essays on corporate diversification. The first empirical stu...
An extensive empirical literature in strategy and …nance studies the performance im-plications of co...
In 1997, SFAS 131 established a new segment-reporting standard for US public companies. Using measur...
Empirical studies show that a large portion of the diversification discount can be explained by cont...
For many years, the benefit and cost of corporate diversification strategy have been debatable. This...
We present a theoretical analysis of internal capital markets in which diversification gen-erates ei...
Empirical studies show that a large portion of the diversification discount can be explained by cont...
The large literature on conglomerate firms began with the documentation of the conglomerate discount...
The literature suggests that corporate diversification destroys firm value. This value destruction i...
This article proposes a new explanation for the large cross-sectional variation in the excess values...
Much of the empirical and theoretical work in corporate finance regards the assumption that sharehol...
University of Technology Sydney. Faculty of Business.NO FULL TEXT AVAILABLE. This thesis contains 3r...
The marginal benefits of diversification exceed the costs by a decreasing margin, and diversifying b...
Benjamin E. Hermalin and Michael L. Katz Keywords: diversification; principal-agent relationship Fir...
The literature suggests that corporate diversification destroys firm value. This value destruction i...
This thesis consists of three empirical essays on corporate diversification. The first empirical stu...
An extensive empirical literature in strategy and …nance studies the performance im-plications of co...
In 1997, SFAS 131 established a new segment-reporting standard for US public companies. Using measur...
Empirical studies show that a large portion of the diversification discount can be explained by cont...
For many years, the benefit and cost of corporate diversification strategy have been debatable. This...
We present a theoretical analysis of internal capital markets in which diversification gen-erates ei...
Empirical studies show that a large portion of the diversification discount can be explained by cont...
The large literature on conglomerate firms began with the documentation of the conglomerate discount...
The literature suggests that corporate diversification destroys firm value. This value destruction i...
This article proposes a new explanation for the large cross-sectional variation in the excess values...
Much of the empirical and theoretical work in corporate finance regards the assumption that sharehol...
University of Technology Sydney. Faculty of Business.NO FULL TEXT AVAILABLE. This thesis contains 3r...
The marginal benefits of diversification exceed the costs by a decreasing margin, and diversifying b...
Benjamin E. Hermalin and Michael L. Katz Keywords: diversification; principal-agent relationship Fir...
The literature suggests that corporate diversification destroys firm value. This value destruction i...
This thesis consists of three empirical essays on corporate diversification. The first empirical stu...
An extensive empirical literature in strategy and …nance studies the performance im-plications of co...
In 1997, SFAS 131 established a new segment-reporting standard for US public companies. Using measur...