The Diversification Discount : Cash Flows Versus Returns  

Oleh:

Lamont, Owen A. ; Polk, Christopher

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 56 no. 5 (2001), page 1693-1722.
Topik: diversification; diversified companies; cash flow; expected returns; studies; regression analysis
Fulltext: p 1693.pdf (140.81KB)

Ketersediaan

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

Lihat Detail Induk

Isi artikel

Diversified firms have different values from comparable portfolios of single - segment firms. These value differences must be due to differences in either future cash flows or future returns. Expected security returns on diversified firms vary systematiclaly with relative values. Discount firms have significantly higher subsequent returns than premium firms. Slightly more than half of the cross - sectional variation in excess values is due to variation in expected future cash flows, with the remainder due to variation in expected future returns and to covariation between cash flows and returns.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali