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Tekijä: | Whited, T.M. |
Otsikko: | Is it inefficient investment that causes the diversification discount? |
Lehti: | Journal of Finance
2001 : OCT, VOL. 56.5, p. 1667-1691 |
Asiasana: | CONGLOMERATE COMPANIES DISCOUNT RATE DIVERSIFICATION INVESTMENT |
Kieli: | eng |
Tiivistelmä: | Diversified conglomerates are valued less than matched portfolios of pure-play firms. Recent studies find that this diversification discount results from conglomerates' inefficient allocation of capital expenditures across divisions. Much of this work uses Tobin's q as a proxy for investment opportunities, therefore hypothesizing that q is a good proxy. This paper treats measurement error in q. |
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