Does Corporate Diversification Destroy Value?
نویسندگان
چکیده
منابع مشابه
Does Corporate Diversification Destroy Value?
We analyze several hundred firms that expand via acquisition and0or increase their number of business segments. The combined market reaction to acquisition announcements is positive but acquiring firm excess values decline after the diversifying event. Much of the excess value reduction occurs because our sample firms acquire already discounted business units, and not because diversifying destr...
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This paper investigates the valuation effects of corporate international diversification by examining cross-border mergers and acquisitions of U.S. acquirers over the period 1990-1999. We find that, on average, acquisitions of “fairly valued” foreign business units do not lead to value discounts. Consistent with the industrial diversification discount literature, unrelated cross-border acquisit...
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Does corporate diversification reduce shareholder value? Since firms endogenously choose to diversify, exogenous variation in diversification is necessary to draw inferences about the causal effect. We examine changes in the within-firm dispersion of industry investment, or ‘‘diversity’’. We find that exogenous changes in diversity, due to changes in industry investment, are negatively related ...
متن کاملDoes diversification destroy value? Evidence from industry shocks
Does corporate diversification reduce shareholder value? Since firms endogenously choose to diversify, exogenous variation in diversification is necessary in order to draw inferences about the causal effect. We examine changes in the within-firm dispersion of industry investment, or “diversity.” We find that exogenous changes in diversity, due to changes in industry investment, are negatively r...
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Glen Dowell • Stuart Hart • Bernard Yeung 263 College of Business, University of Notre Dame, Notre Dame, Indiana 46556 Kenan-Flagler Business School, University of North Carolina, Chapel Hill, North Carolina 27599 New York University, Stern School of Business, 44 W 4th Street, Room 7/65, New York, New York 10012, and William Davidson Institute, University of Michigan Business School, Ann Arbor,...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 1999
ISSN: 1556-5068
DOI: 10.2139/ssrn.199709