Is It Inefficient Investment That Causes The Diversification Discount ?  

Oleh:

Whited, Toni M.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 56 no. 5 (2001), page 1667-1692.
Topik: investment; diversified companies; investment pllicy; studies; regression analysis; mathematical models; cash flow
Fulltext: p 1667.pdf (125.35KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.4 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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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 investment opportunities, therefore hypothesizing that q is a good proxy. This paper treates measurement error in q. Using a measurement - error consisten estimator on the sorts regewssions in the literature. I find no evidence of inefficient allocation of investment. The results in the literature appear to be artifacts of measurement error and of the correlation between investment opportunities and liquidity.

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