haku: @indexterm CONGLOMERATE COMPANIES / yhteensä: 223
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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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