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Author : Alan Jeffrey Daskin
Publisher :
ISBN 13 :
Total Pages : 370 pages
Book Rating : 4.:/5 (119 download)
Download or read book Essays on Firm Diversification and Market Concentration written by Alan Jeffrey Daskin and published by . This book was released on 1983 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Xuejing Xing
Publisher :
ISBN 13 :
Total Pages : 228 pages
Book Rating : 4.:/5 (541 download)
Download or read book Essays on Firm Diversification written by Xuejing Xing and published by . This book was released on 2003 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation focuses on firm diversification. In particular, this dissertation investigates the valuation effects and the risk effects of corporate diversification. The dissertation consists of two essays. Essay 1, "The diversification discount and growth opportunities: Another look at the effect of corporate diversification on firm value," investigates whether corporate diversification reduces firm value. Previous studies establish a diversification discount by comparing business segments of diversified firms with stand-alone industry medians (means). However, business segments in diversified firms and the median (mean) stand-alone firms in the same industry may not be comparable because they may have different growth opportunities, which usually constitute a significant portion of firm value. Consequently, the observed diversification discount may result from the inappropriate use of benchmarks. In this essay, we use individual stand-alone industry firms of similar growth opportunities as benchmarks for business segments in diversified firms. Using a sample of 218 diversifying firms covering the period of 1994-2000, we find that when business segments in diversifying firms are compared with their stand-alone industry counterparts of comparable growth opportunities, the diversification discount still exists. We thus provide evidence suggesting that corporate diversification does destroy firm value, which is consistent with Lang and Stulz (1994), Berger and Ofek (1995, 1999), and Lamont and Polk (2002). Essay 2, "Does corporate diversification reduce firm risk? An empirical analysis," investigates whether corporate diversification reduces firm risk. While it has been argued and generally assumed that corporate diversification reduces firm risk, there is a paucity of empirical evidence concerning the association between corporate diversification and lower firm risk. Given the observed puzzles associated with corporate diversification, one should not take this association for granted without empirical evidence. In this essay, we empirically investigate the relationship between corporate diversification and firm risk using various risk measures including the variance of stock returns, systematic risk and firm-specific risk measures based both on the traditional single-factor market model and the Fama and French (1993) three-factor model, and time-varying risk estimates based on generalized autoregressive conditional heteroscedasticity (GARCH) estimations. Using a sample of 257 diversifying firms defined as firms that start with a single segment and then diversify at some point of time during the sample period of 1994-2000, we find that rather than reducing firm risk, corporate diversification typically increases the levels of firm risk, thereby rejecting the risk reduction hypothesis of firm diversification.
Author : Tyson Brighton Mackey
Publisher :
ISBN 13 :
Total Pages : 97 pages
Book Rating : 4.:/5 (76 download)
Download or read book Essays on Corporate Diversification and Firm Value written by Tyson Brighton Mackey and published by . This book was released on 2006 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This dissertation finds new evidence on the relationship between diversification and firm performance. In Chapter Two, theory and evidence are presented showing how empirical studies accounting for the endogeneity of the diversification decision must also account for a firm's alternative uses for its free cash flow. This chapter examines dividends and stock repurchases in tandem with the firm's diversification decision and finds that the factors that lead a firm to diversify also make it more likely to pay a dividend. Controlling for this relationship, the diversification premium found by recent research correcting for endogeneity turns back into a discount. In Chapter Three, consideration is given to the possibility that different firms can have differing results from diversification. Using a random parameters model, a distribution of firm-specific diversification effects is estimated, finding that, while diversification destroys value on average, it creates value for a quarter of firms. This chapter also hypothesizes that firms may have an optimal portfolio of businesses, and firms that are not creating value from diversification could potentially do so through by diversifying further. Through a series of hypothetical related and unrelated diversification scenarios, this chapter finds that almost half of the diversified firms who are not creating value through their past diversification efforts would create value from further related diversification; while very few of the firms that are currently creating value from diversification would create value from further diversification. After observing the heterogeneity across firms in the impact of diversification on firm performance, theory and evidence is presented on the source of this heterogeneity in Chapter Four. Using a Bayesian linear hierarchical model, firm-specific effects of diversification on firm performance are estimated as a function of firm attributes. The main finding is that the firm-specific resources that allow a firm to succeed in its original business, allow the firm to succeed through related diversification. Unsuccessful firms will not find success simply by finding a new market in which to compete.
Author : Richard Borghesi
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (436 download)
Download or read book Essays in Corporate Diversification, Market Efficiency, and Allocation of Scarce Resources written by Richard Borghesi and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: ABSTRACT: This dissertation is composed of three essays that address corporate diversification, market efficiency, and allocation of scarce financial resources. The analysis in chapter 2 examines the relationship between changes in firm organizational structure and fluctuations in market value. Organizational structure in this context is defined as the level of corporate diversification, and is measured as the dispersion of total firm sales among existing business segments. The speed and accuracy of the equities market's reaction to events such as corporate reorganization are tested in chapter 3. Finally, in chapter 4, we supplement our organizational structure analysis by examining managerial decision-making in an environment where resources are artificially bounded.
Author : Huoxin Wang
Publisher : Open Dissertation Press
ISBN 13 : 9781361385371
Total Pages : pages
Book Rating : 4.3/5 (853 download)
Download or read book Two Essays on Share Repurchases, Diversification Discount and Analyst Cash Flow Forecasts written by Huoxin Wang and published by Open Dissertation Press. This book was released on 2017-01-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Two Essays on Share Repurchases, Diversification Discount and Analyst Cash Flow Forecasts" by Huoxin, Wang, 王火欣, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: This thesis consists of two essays. The first essay examines the effect of share repurchase on the diversification discount of multi-segment firms. The second essay investigates how firms' decisions of share repurchases are influenced by analysts' cash flow forecasts (CFF). In the first essay, I investigate the relation between the market reaction to share repurchase announcements and multi-segment firms' diversification discount. Prior studies have shown that information asymmetry causes a large diversification discount (measured as the negative value of firm excess value). Meanwhile, previous literature suggests that share repurchase announcement is a credible and efficient way in mitigating information asymmetry, with market reaction to share repurchase announcements being more positive for those firms subject to severe information asymmetry. These evidence leads to my conjecture that share repurchase can effectively decrease the diversification discount of multi-segment firms. This conjecture is supported by my empirical results. In addition, the cross-sectional analyses show that the positive correlation is less pronounced for firms with lower credibility of share repurchase announcements. In the additional analysis using a matched sample, I find that diversification discount decreases significantly for firms with share repurchase announcements in post-announcement periods while there is no decrease for the match sample of non-repurchase firms. Further analyses show that my conclusions are mainly driven by diversification discounts (i.e., negative firm excess value) instead of diversification premium (i.e., positive excess firm value) and that as a response to higher diversification discount, firms are less likely to announce share repurchases and more likely to refocus their business lines. The second essay examines how analysts' cash flow forecasts (CFF) affect firms' decisions of open market share repurchases. I find that the likelihood of share repurchases decreases in the presence of CFF. This negative relation is more pronounced for firms with worse information environment, weaker corporate governance, and more severe financial constraint. In addition, within the sample firms with CFF, the negative correlation exists between the likelihood of stock repurchases and the prevalence of CFF, measured by the ratio of the number of analysts issuing CFF among the number of analysts following the same firm and the ratio of CFF frequency relative to the frequency of earnings forecasts. Moreover, using a matched sample, I document a lower likelihood of stock repurchases after the initiation of CFF. Furthermore, I predict and find that the stock repurchase announcements are more credible for firms covered by CFF, as evidenced by higher actual stock repurchase ratio and better firm performance in the following periods. Lastly, I show that the substitutive effect of CFF on stock repurchase announcement is more pronounced when CFF are optimistic. DOI: 10.5353/th_b5312321 Subjects: Stock repurchasing
Author : Edith Penrose
Publisher : Routledge
ISBN 13 : 0429615272
Total Pages : 383 pages
Book Rating : 4.4/5 (296 download)
Download or read book The Growth of Firms, Middle East Oil and Other Essays written by Edith Penrose and published by Routledge. This book was released on 2019-04-18 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: Published in 1971: At first glance it might seem that the three subjects dealt with in the essays written over the last twenty years and now collected in this volume could hardly be more diverse, beginning with the growth of the firm and moving from the international petroleum industry to the Middle East generally. Oddly enough, however, these subjects are connected by the same type of historical logic that characterizes the diversification of an industrial firm: the logic in the simple principle that one thing leads to another.
Author : Allyn D. Strickland
Publisher : Routledge
ISBN 13 : 1351335707
Total Pages : 151 pages
Book Rating : 4.3/5 (513 download)
Download or read book Firm Diversification, Mutual Forbearance Behavior and Price-Cost Margins written by Allyn D. Strickland and published by Routledge. This book was released on 2018-01-12 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: Concern over conglomerate mergers increased dramatically in the latter part of the twentieth century. An acceleration in conglomerate merger activity rekindled firms’ takeover fears and swamped trustbusters, and attention focused on the political and economic issues surrounding conglomerate mergers. Of particular importance is the possibility that conglomerate mergers may increase aggregate concentration and eventually create a ‘zaibatsu’ economy. This book, first published in 1984, addresses the issue by examining the mutual forbearance hypothesis. More specifically, do multi-market contacts among diversified firms affect market competition?
Author : Albert W. Sheen
Publisher :
ISBN 13 :
Total Pages : 190 pages
Book Rating : 4.:/5 ( download)
Download or read book Essays on Corporate Investment written by Albert W. Sheen and published by . This book was released on 2009 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fawzi J. Hyder
Publisher :
ISBN 13 :
Total Pages : 175 pages
Book Rating : 4.:/5 (99 download)
Download or read book Three Essays on Market Efficiency and Corporate Diversification written by Fawzi J. Hyder and published by . This book was released on 2017 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: In my first essay, I use additions to the S&P 500 index as a laboratory to investigate how the interaction between arbitrageurs and arbitrage risk affects security prices. I find that the price effect is strong when there is high arbitrage risk (as measured by the lack of close substitutes) and low presence of arbitrageurs (as measured by low ownership by active institutions). Furthermore, a strong presence of arbitrageurs moderates the effect of arbitrage risk on the post-addition price reaction of added stocks. I also find a significant decrease in arbitrageurs' ownership in the added stocks post addition. More importantly, this decrease is accompanied by a significant increase in arbitrageurs' ownership in the added stocks' close substitutes.
Author : Youyi Su
Publisher :
ISBN 13 :
Total Pages : 228 pages
Book Rating : 4.:/5 (111 download)
Download or read book Two Essays on Diversification Behavior in Family Firms written by Youyi Su and published by . This book was released on 2019 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior research shows that family firms are generally less likely to diversify, but it remains unclear which mode of diversification in terms of internal versus external diversification family firms are more likely to choose once they decide to diversify. Similarly, it is unclear which type of diversification in terms of product versus international diversification family firms are more likely to focus on in comparison to nonfamily firms. Based on insights drawn from the goals, governance, and resources framework, this dissertation investigates the modes/types of diversification in family and nonfamily firms, as well as among various types of family firms. Specifically, I propose that family firms will prefer internal to external diversification to a larger extent than nonfamily firms. I further propose the strength of preference for internal to external diversification is likely to vary among different types of family firms manifested in the level of family ownership, family participation in the top management team and board, and generation of family members owning and controlling the family firm. Likewise, I theorize that family firms would prefer product to international diversification to a larger extent than nonfamily firms and that the strength of preference for product diversification is likely to vary among different types of family firms. A sample of 573 firms drawn from the S&P 1500 index was used toexamine the difference between family and nonfamily firms, and 136 family firms to test the heterogeneity hypotheses. No significant differences were found between family and nonfamily firms in their relative choice on internal over external diversification (Essay 1) and product over international diversification (Essay 2). Consistent with my prediction, I found family representation in the top management team has a significantly positive effect on a firm's tendency to engage in product rather than international diversification. However, in both Essay1 and Essay 2, I did not find significant effects of the other heterogeneous variables on a family firm's tendency to engage in one mode/type of diversification over the other. A rationale for these non-significant relationships is provided. Contributions and implications of this study are also discussed.
Author : Dmitry Livdan
Publisher :
ISBN 13 :
Total Pages : 88 pages
Book Rating : 4.:/5 (244 download)
Download or read book Essays on Corporate Diversification written by Dmitry Livdan and published by . This book was released on 2003 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Albert N. Link
Publisher : Springer Science & Business Media
ISBN 13 : 9780387250106
Total Pages : 330 pages
Book Rating : 4.2/5 (51 download)
Download or read book Essays in Honor of Edwin Mansfield written by Albert N. Link and published by Springer Science & Business Media. This book was released on 2005-07-01 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: Edwin Mansfield was a research pioneer into the economics of R and D and technological change. As appreciation and remembrance for his scholarly contributions, eminent scholars have contributed original papers for this edited volume. The authors have followed the "Mansfieldian” approach of emphasizing economic insight and intuition over mathematical rigor and as a result are very accessable. Essays in Honor of Edwin Mansfield has the potential to serve as a reader in all advanced undergraduate and graduate classes/seminars in the economics of R and D and technological change. This edited volume will be the definitive work in the field.
Author : Warren Buffett
Publisher :
ISBN 13 : 9781611637588
Total Pages : 0 pages
Book Rating : 4.6/5 (375 download)
Download or read book The Essays of Warren Buffett written by Warren Buffett and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The year 2015 marks the fiftieth anniversary of Berkshire Hathaway under Warren Buffett's leadership, a milestone worth commemorating. The tenure sets a record for chief executive not only in duration but in value creation and philosophizing. The fourth edition of The Essays of Warren Buffett: Lessons for Corporate America celebrates its twentieth anniversary. As the book Buffett autographs most, its popularity and longevity attest to the widespread appetite for this unique compilation of Buffett's thoughts that is at once comprehensive, non-repetitive, and digestible. New and experienced readers alike will gain an invaluable informal education by perusing this classic arrangement of Warren's best writings. The fourth edition's new material includes: Warren's 50th anniversary retrospective, in what Bill Gates called Warren's best letter ever, on conglomerates and Berkshire's future without Buffett; Charlie Munger's 50th anniversary essay on "The Berkshire System"; Warren's definitive defense of Berkshire's no-dividend practice; and Warren's best advice on investing, whether in apartments, farms, or businesses. "Larry Cunningham has done a great job at collating our philosophy." -- Warren Buffett "Larry Cunningham takes Buffett's brilliant letters to a still-higher level by organizing them into single-subject chapters. The book begins, moreover, with an excellent introduction by Larry." -- Carol Loomis "This is a very important book. I recommend it to everyone who is interested in learning about investing, corporate governance, and business judgement." -- Bill Ackman "The book on Buffett--a superb job." -- Forbes "Extraordinary--full of wisdom, humor, and common sense." -- Money "A classic on value investing and the definitive source on Buffett." -- Financial Times "Cunningham has done a truly commendable job distilling and organizing the essence of Buffett's letter to Berkshire shareholders...While the essays reviewed in the latest edition of this volume range across a broad assortment of topics, for most readers the most valuable part of this book will be Buffett's lessons and insights on investing. It is extraordinarily rewarding to be able to survey the accumulated wisdom of one of the world's most successful investors." -- Kevin M. LaCroix, The D&O Diary
Author : Theodore P. Kovaleff
Publisher : Routledge
ISBN 13 : 1315475510
Total Pages : 418 pages
Book Rating : 4.3/5 (154 download)
Download or read book The Antitrust Division of the Department of Justice written by Theodore P. Kovaleff and published by Routledge. This book was released on 2016-09-16 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzes the newly available statistical evidence on income distribution in the former Soviet Union both by social group and by republic, and considers the significance of inequalities as a factor contributing to the demise of the Communist regime.
Author : John H. Dunning
Publisher : Edward Elgar Publishing
ISBN 13 : 9781843767053
Total Pages : 546 pages
Book Rating : 4.7/5 (67 download)
Download or read book The Selected Essays of John H. Dunning written by John H. Dunning and published by Edward Elgar Publishing. This book was released on 2002-01-01 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt: These volumes should be required reading for anyone with an interest in international business and globalisation. They add immeasurably to our understanding. Mira Wilkins, Business History Dunning is one of the most prominent researchers and thinkers in the IB field. In these books, he has set out his most celebrated writings and has provided us relatively easy access to widely scattered references in the literature. Rajat Kathuria, Global Business Review The modern academic study of the multinational enterprise started with John Dunning s pioneering study of American Investment in British Manufacturing Industry in 1958. In the early 1970s he began to publish an influential and authoritative stream of papers integrating theoretical and empirical analysis of the multinational enterprise. This fascinating volume charts the evolution of John Dunning s thinking, highlighting his attempts to develop a richer, more dynamic and historical framework for the analysis of the multinational enterprise. It makes compelling reading, and offers unique insights into the intellectual development of his well-known eclectic paradigm of international production. Mark Casson, University of Reading, UK This volume contains a selection of John Dunning s best known and highly acclaimed writings on the theory of international business activity. Spanning more than three decades, the 16 contributions trace the evolution of his thoughts and ideas as an economist, from his first article on the determinants of international production, published in 1973, to his most recent essay on relational assets, networks and global business activity, completed in 2002. Theories and Paradigms of International Business Activity gives particular prominence to the author s much renowned eclectic paradigm, which he first promulgated at a Nobel Symposium on the international allocation of economic activity in 1976. Since then, the author has written over 60 articles, pamphlets and chapters in books which have extended, refined and updated his theorizing on the interface between trade, FDI and MNE activity, in the light of the changing characteristics of the world economy and advances in international business scholarship. This, the first of two volumes of John Dunning s work, is essential reading for all students, scholars and researchers with a special interest in the reasons behind the explosive growth in post-war FDI and the globalization of business activity.
Author : Heechun Kim
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (467 download)
Download or read book Three Essays on International Diversification of Firms in an Emerging Economy written by Heechun Kim and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 478 pages
Book Rating : 4.:/5 (43 download)
Download or read book The Journal of Industrial Economics written by and published by . This book was released on 1988 with total page 478 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Journal was founded to promote and publish the analysis of modern industry. It publishes innovative work on industrial organization, functioning of markets, behaviour of firms and policy. It covers all areas of industrial economics including: organization of industry and applied oligopoly theory; product differentiation and technical change; theory of the firm and internal organization; regulation, monopoly, merger and technology policy.
