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- W2617307825 abstract "Our model highlights the impact of bankruptcy on (true and apparent) firm value. We show that the pricing of diversified firms suffers from a survivorship bias, due to their lower mortality relative to focused ones. This difference in mortality is able to turn a true diversification premium, deriving from saved bankruptcy costs, into an apparent diversification discount. Such apparent discount is larger the larger is the true premium due to coinsurance across diversified units. We show how this insight contributes to explain value paradoxes in diversified companies such as multi-unit groups, multi-segment conglomerates, and parent companies." @default.
- W2617307825 created "2017-06-05" @default.
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- W2617307825 date "2016-01-01" @default.
- W2617307825 modified "2023-09-27" @default.
- W2617307825 title "The Apparent Diversification Discount" @default.
- W2617307825 hasPublicationYear "2016" @default.
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