Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 郎咸平教授 (金融学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1086/261970 |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/680WOS source URL
其它资讯
摘要In this paper, we show that Tobin's q and firm diversification are negatively related throughout the 1980s. This negative relation holds for different diversification measures and when we control for other known determinants of q. Further, diversified firms have lower q's than comparable portfolios of pure-play firms. Firms that choose to diversify are poor performers relative to firms that do not, but there is only weak evidence that they have lower q's than the average firm in their industry. We find no evidence supportive of the view that diversification provides firms with a valuable intangible asset.
着者LANG LHP, STULZ RM
期刊名称Journal of Political Economy
出版年份1994
月份12
日期1
卷号102
期次6
出版社UNIV CHICAGO PRESS
页次1248 - 1280
国际标準期刊号0022-3808
语言英式英语
Web of Science 学科类别Business & Economics; Economics; ECONOMICS
