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Is there Really No Conglomerate Discount?

Author

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  • Manuel Ammann
  • Daniel Hoechle
  • Markus Schmid

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  • Manuel Ammann & Daniel Hoechle & Markus Schmid, 2012. "Is there Really No Conglomerate Discount?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 39(1-2), pages 264-288, January.
    • Handle: RePEc:bla:jbfnac:v:39:y:2012:i:1-2:p:264-288
    DOI: j.1468-5957.2011.02261.x
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    Citations

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    Cited by:

    1. Jouida, Sameh, 2018. "Diversification, capital structure and profitability: A panel VAR approach11We are grateful to the editor and the anonymous reviewer for their valuable comments," Research in International Business and Finance, Elsevier, vol. 45(C), pages 243-256.
    2. Francesco Lamperti & Mariana Mazzucato & Andrea Roventini & Gregor Semieniuk, 2019. "The Green Transition: Public Policy, Finance, and the Role of the State," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 88(2), pages 73-88.
    3. Glaser, Markus & Müller, Sebastian, 2010. "Is the diversification discount caused by the book value bias of debt?," Journal of Banking & Finance, Elsevier, vol. 34(10), pages 2307-2317, October.
    4. Nadine Gatzert & Hato Schmeiser, 2011. "On the risk situation of financial conglomerates: does diversification matter?," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 25(1), pages 3-26, March.
    5. Nilakshi Borah & Liu Pan & Jung Chul Park & Nan Shao, 2018. "Does corporate diversification reduce value in high technology firms?," Review of Quantitative Finance and Accounting, Springer, vol. 51(3), pages 683-718, October.
    6. Jafarinejad, Mohammad & Ngo, Thanh & Escobari, Diego, 2018. "Disentangling the impacts of industrial and global diversification on firm risk," Global Finance Journal, Elsevier, vol. 37(C), pages 39-56.
    7. Dosi, Giovanni & Mathew, Nanditha & Pugliese, Emanuele, 2019. "What a firm produces matters: diversi cation, coherence and performance of Indian manufacturing," MERIT Working Papers 2019-013, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    8. de la Fuente, Gabriel & Velasco, Pilar, 2024. "Pretending to be sustainable: Is ESG disparity a symptom?," Journal of Contemporary Accounting and Economics, Elsevier, vol. 20(2).
    9. Giovanni Dosi & Nanditha Mathew & Emanuele Pugliese, 2019. "What a firm produces matters: diversification, coherence and performance of Indian manufacturing firms," LEM Papers Series 2019/10, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    10. Martin Bugeja & Robert Czernkowski & Daryl Moran, 2015. "The Impact of the Management Approach on Segment Reporting," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 42(3-4), pages 310-366, April.
    11. Dosi, Giovanni & Mathew, Nanditha & Pugliese, Emanuele, 2022. "What a firm produces matters: Processes of diversification, coherence and performances of Indian manufacturing firms," Research Policy, Elsevier, vol. 51(8).
    12. Nilanjan Basu, 2010. "Trends in corporate diversification," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 24(1), pages 87-102, March.
    13. Acharya, Viral V. & Amihud, Yakov & Litov, Lubomir, 2011. "Creditor rights and corporate risk-taking," Journal of Financial Economics, Elsevier, vol. 102(1), pages 150-166, October.
    14. Barros, Victor & Verga Matos, Pedro & Miranda Sarmento, Joaquim & Rino Vieira, Pedro, 2024. "ESG performance and firms’ business and geographical diversification: An empirical approach," Journal of Business Research, Elsevier, vol. 172(C).
    15. Campagna, Sebastian & Eulerich, Marc & Seaknina, Alexander, 2023. "Der Diversification Discount in Deutschland," Mitbestimmungsreport 76, Hans-Böckler-Stiftung, Düsseldorf.
    16. Rudolph, Christin & Schwetzler, Bernhard, 2014. "Mountain or molehill? Downward biases in the conglomerate discount measure," Journal of Banking & Finance, Elsevier, vol. 40(C), pages 420-431.
    17. Garrido-Prada, Pablo & Delgado-Rodriguez, Maria Jesús & Romero-Jordán, Desiderio, 2019. "Effect of product and geographic diversification on company performance: Evidence during an economic crisis," European Management Journal, Elsevier, vol. 37(3), pages 269-286.
    18. Michael J. Peel, 2014. "Addressing unobserved endogeneity bias in accounting studies: control and sensitivity methods by variable type," Accounting and Business Research, Taylor & Francis Journals, vol. 44(5), pages 545-571, October.
    19. Ranjan D’Mello & Xinghua Gao & Yonghong Jia, 2017. "Internal control and internal capital allocation: evidence from internal capital markets of multi-segment firms," Review of Accounting Studies, Springer, vol. 22(1), pages 251-287, March.
    20. Stefan Erdorf & Thomas Hartmann-Wendels & Nicolas Heinrichs & Michael Matz, 2013. "Corporate diversification and firm value: a survey of recent literature," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 27(2), pages 187-215, June.
    21. Ji, Shuangshuang & Mauer, David C. & Zhang, Yilei, 2020. "Managerial entrenchment and capital structure: The effect of diversification," Journal of Corporate Finance, Elsevier, vol. 65(C).
    22. Curi, Claudia & Murgia, Maurizio, 2018. "Divestitures and the financial conglomerate excess value," Journal of Financial Stability, Elsevier, vol. 36(C), pages 187-207.
    23. Bressan, Silvia & Weissensteiner, Alex, 2021. "The financial conglomerate discount: Insights from stock return skewness," International Review of Financial Analysis, Elsevier, vol. 74(C).
    24. Stefan Erdorf & Thomas Hartmann-Wendels & Nicolas Heinrichs & Michael Matz, 2012. "Corporate Diversification and Firm Value: A Survey of Recent Literature," Cologne Graduate School Working Paper Series 03-01, Cologne Graduate School in Management, Economics and Social Sciences.
    25. Fuente, Gabriel de la & Velasco, Pilar, 2020. "Capital structure and corporate diversification: Is debt a panacea for the diversification discount?," Journal of Banking & Finance, Elsevier, vol. 111(C).

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