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| Author: | Mansi, S. A. Reeb, D. M. |
| Title: | Corporate diversification: what gets discounted? |
| Journal: | Journal of Finance
2002 : OCT, VOL. 57:5, p. 2167-2183 |
| Index terms: | Corporate models Diversification Value analysis Shareholder value |
| Language: | eng |
| Abstract: | The authors find that (a) shareholder losses in diversification are a function of firm leverage, (b) all equity firms do not exhibit a diversification discount, and (c) using book values of debt to compute excess value creates a downward bias for diversified firms. The results indicate that diversification is insignificantly related to excess firm value. |
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