search query: @author Lamont, O.A. / total: 3
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| Author: | Lamont, O.A. Polk, C. |
| Title: | The diversification discount: cash flows versus returns |
| Journal: | Journal of Finance
2001 : OCT, VOL. 56.5, p. 1693-1721 |
| Index terms: | CASH FLOW DISCOUNT HOUSES DIVERSIFICATION RETURN ON INVESTMENT |
| Language: | eng |
| Abstract: | Diversified firms have different values from comparable portfolios of single-segment firms. These value differences must be due to differences in either future cash flows or future returns. Expected security returns on diversified firms vary systematically with relative value. Discount firms have significantly higher subsequent returns than premium firms. |
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