Detail Were The Acquisitive Conglomerates Inefficient?   Oleh:  Klein, Peter G. Jenis: Article from Bulletin/Magazine Dalam koleksi: The Rand Journal of Economics vol. 32 no. 4 (2001), page 745-761. Topik: WISDOM; acquisitive; conglomerates; inefficient Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: RR10.5 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel This article challenges the conventional wisdom that the 1960s conglomerates were inefficient. I offer valuation results consistent with recent event - study evidence that markets typically rewarded diversifying acquisitions. Using new data, I compute industry - adjusted valuation, profitability, leverage, and investment ratios for 36 large, acquisitive conglomerates from 1966 to 1974. During the early 1970 s, the conglomerates were less valuable and less profitable than stand - alone firms, favoring an agency explanation for unrelated diversification. In the 1960 s, however, conglomerates were not valued at a discount. Evidence from acquisition histories suggests that conglomerate diversification may have added value by creating internal capital markets. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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