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- W4387569532 abstract "ABSTRACT The two main explanations of the diversification discount are likely related to each other. We attempt to separate these two explanations by studying sub-samples of all-equity and pseudo conglomerate multi-segment firms. The subsample of all-equity diversified firms allows us to focus on the inefficient internal capital markets hypothesis because the coinsurance effect is only relevant for levered firms. The sub-sample of pseudo conglomerates allows us to separate out the coinsurance effect because all divisions of pseudo conglomerates operate in the same finely defined industry and have the same investment opportunities. We find support for both explanations, but excess returns for multi-segment firms is better explained by inefficient internal capital markets than the coinsurance effect. Keywords diversification discount; inefficient internal capital markets; coinsurance effect" @default.
- W4387569532 created "2023-10-13" @default.
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- W4387569532 date "2023-10-01" @default.
- W4387569532 modified "2023-10-13" @default.
- W4387569532 title "DIVIDE AND CONQUER: AN EXAMINATION OF EXPLANATIONS FOR THE DIVERSIFICATION DISCOUNT USING SUBSAMPLES" @default.
- W4387569532 doi "https://doi.org/10.18374/jabe-23-3.1" @default.
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