Empirical evidence suggests that stockholders do not diversify their portfolios to any significant level, and they are compensated for bearing idiosyncratic risk. In this paper, we breakdown the abnormal returns of size, value, long-term-reversal, momentum, and short-term contrarian premiums into diversification and net selectivity components to find that the anomalies in the U.S. and the inter...

the paper studies of the effect the related and unrelated diversification for products and ownership structure on capital structure for a sample of 87 firms out of 19 industry listed on the tehran stock exchange during the period 2004- 2009. for to regress of models to apply of multivariate approach include panel data and cross-sectional regressions. this study adopts panel fixed effects regres...

Taiwan’s banking industry has experienced greatly structural changes since the implementing of Financial Holding Company Act in July 2001. The paper investigates whether Taiwan’s commercial banks establishing or joining in financial holding companies (FHCs) could promote their efficiency and productivity, as well as the determinants of efficiency and productivity changes of commercial banks. Th...

ISSN 1328-4991 ISBN 0 7325 0962 9 *This paper is work in progress and should not be cited without the authors’ imprimatur. The authors would like to acknowledge the helpful advice of Lázló Mátyás regarding the econometric analysis. The paper is the result of work undertaken for the IBIS Collaborative Program in Enterprise Dynamics. The Program is supported by IBIS Business Information P/L, the ...

a r t i c l e i n f o Using resource-based view (RBV) of the firm as a theoretical backdrop; we aim to find out the relative impact of a firm's functional capabilities (namely, marketing and operations) and diversification strategies (product/ service and international diversification) on financial performance. We hypothesize that this linkage depends on the firm's relative efficiency to integr...

Can the presence of nontraded consumption goods or nontraded factors of production explain the high degree of ‘‘home bias’’ displayed by investor portfolios? We find that the answer is no, so long as individuals have access to free international trade in financial assets. In particular, it is never optimal to exhibit home bias with respect to domestic traded-good equities. By contrast, holdings...

Today export diversification has become one of the most important economic objectives of development strategies in the developing countries. For various reasons, such as preventing instability in export prices of primary products in global markets, reducing fluctuations in exchanges of them compared with industrial goods, producing dynamic benefits resulted from exporting various goods and incr...

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