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【光华讲坛】Is There a Diversification Discount? A Re-examination

2018-11-20 250次浏览

【光华讲坛】Is There a Diversification Discount? A Re-examination

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主题 Is There a Diversification Discount? A Re-examination

主讲人澳大利亚国立大 Xianming Zhou 教授

主持人葡京赌博网站? 肖伟 副教授

时间 201811月23日(周五)下午13:55—15:30

地点西南财经大学柳林校区颐德楼H412

主办单位:葡京赌博网站? 科研处

主讲人简介:

Xianming Zhou博士为澳大利亚国立大学金融学副教授,研究领域包括公司金融、资本市场等。已在Journal of Financial and Quantitative Analysis, International Review of Finance, Journal of Banking and Finance, Journal of Corporate Finance等国际知名期刊发表多篇论文。

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内容提要:

?The standard approach in the research of the diversification discount is to examine the excess value estimated from a valuation multiple. The excess value metric has two distinct properties: (1) a segment-size effect due to the link of the multiple to segment size; and (2) an imputed-value uncertainty effect due to the concavity of the excess value function. We first analyze fake conglomerates that are formed from randomly drawn pure-play firms to verify these two effects. Whereas involving no business diversification, these two effects are unusually strong. We then reexamine the diversification discount using real firm data. In a standard empirical framework, we show that the diversification discount disappears after controlling for segment size and imputed value uncertainty.

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