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Do Conglomerate Firms Allocate Resources Inefficiently?

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  1. Eberl, Stephan, 2008. "Licht und Schatten zentralisierter Kapitalallokation: die Wirkung Interner Kapitalmärkte auf den Unternehmenswert," Hohenheimer Schriften: Rechnungswesen - Steuern - Wirtschaftsprüfung 2008-1, University of Hohenheim, Department of Business Administration.
  2. Toxvaerd, Flavio, 2008. "Strategic merger waves: A theory of musical chairs," Journal of Economic Theory, Elsevier, vol. 140(1), pages 1-26, May.
  3. Martin Goetz & Luc Laeven & Ross Levine, 2011. "The Valuation Effects of Geographic Diversification: Evidence from U.S. Banks," NBER Working Papers 17660, National Bureau of Economic Research, Inc.
  4. Bernardo, Antonio E & Luo, Jiang & Wang, James J.D., 2005. "A Theory of Socialistic Internal Capital Markets," University of California at Los Angeles, Anderson Graduate School of Management qt29x1966g, Anderson Graduate School of Management, UCLA.
  5. Lopez-de-Silanes, Florencio & Phalippou, Ludovic & Gottschalg, Olivier, 2010. "Giants at the Gate: On the Cross-section of Private Equity Investment Returns," MPRA Paper 28487, University Library of Munich, Germany.
  6. Axel Gautier & Malika Hamadi, 2005. "Internal Capital Market Efficiency of Belgian Holding Companies," Finance, Presses universitaires de Grenoble, vol. 26(2), pages 11-34.
  7. Laeven, Luc & Levine, Ross, 2007. "Is there a diversification discount in financial conglomerates?," Journal of Financial Economics, Elsevier, vol. 85(2), pages 331-367, August.
  8. Boutin, Xavier & Cestone, Giacinta & Fumagalli, Chiara & Pica, Giovanni & Serrano-Velarde, Nicolas, 2013. "The deep-pocket effect of internal capital markets," Journal of Financial Economics, Elsevier, vol. 109(1), pages 122-145.
  9. Marinelli, Federico, 2008. "Persistence of outstanding performance and shareholder value among diversified firms: The impact of past performance, efficient internal capital market, and relatedness of business segments," IESE Research Papers D/758, IESE Business School.
  10. Axel GAUTIER & Florian HEIDER, 2001. "What do internal capital markets do ? Redistribution vs. incentives," LIDAM Discussion Papers IRES 2001015, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  11. Brusco, Sandro & Panunzi, Fausto, 2005. "Reallocation of corporate resources and managerial incentives in internal capital markets," European Economic Review, Elsevier, vol. 49(3), pages 659-681, April.
  12. Markus Glaser & Florencio Lopez-De-Silanes & Zacharias Sautner, 2013. "Opening the Black Box: Internal Capital Markets and Managerial Power," Journal of Finance, American Finance Association, vol. 68(4), pages 1577-1631, August.
  13. Ferris, Stephen P. & Kim, Kenneth A. & Kitsabunnarat, Pattanaporn, 2003. "The costs (and benefits?) of diversified business groups: The case of Korean chaebols," Journal of Banking & Finance, Elsevier, vol. 27(2), pages 251-273, February.
  14. Missaka Warusawitharana, 2007. "Corporate asset purchases and sales: theory and evidence," Finance and Economics Discussion Series 2007-27, Board of Governors of the Federal Reserve System (U.S.).
  15. Campa, Jose M. & Chang, P. H. Kevin & Refalo, James F., 2002. "An options-based analysis of emerging market exchange rate expectations: Brazil's Real Plan, 1994-1999," Journal of Development Economics, Elsevier, vol. 69(1), pages 227-253, October.
  16. Greene, William H. & Hornstein, Abigail S. & White, Lawrence J., 2009. "Multinationals do it better: Evidence on the efficiency of corporations' capital budgeting," Journal of Empirical Finance, Elsevier, vol. 16(5), pages 703-720, December.
  17. Jose Manuel Campa & Simi Kedia, 2002. "Explaining the Diversification Discount," Journal of Finance, American Finance Association, vol. 57(4), pages 1731-1762, August.
  18. Lamont, Owen A. & Polk, Christopher, 2002. "Does diversification destroy value? Evidence from the industry shocks," Journal of Financial Economics, Elsevier, vol. 63(1), pages 51-77, January.
  19. Frederik P. Schlingemann & Rene M. Stulz & Ralph A. Walkling, 2000. "Asset Liquidity and Segment Divestitures," NBER Working Papers 7873, National Bureau of Economic Research, Inc.
  20. Villalonga, Belen, 2000. "Does Diversification Cause the “Diversification Discount”?," University of California at Los Angeles, Anderson Graduate School of Management qt40v212gm, Anderson Graduate School of Management, UCLA.
  21. Lee, Keun & Kim, Ji Youn & Lee, Oonkyu, 2010. "Long-term evolution of the firm value and behavior of business groups: Korean chaebols between weak premium, strong discount, and strong premium," Journal of the Japanese and International Economies, Elsevier, vol. 24(3), pages 412-440, September.
  22. Giacomo Rodano & Emanuele Tarantino & Nicolas Serrano-Velarde, 2012. "Bankruptcy Law and the Cost of Banking Finance," Working Papers 1218, Oxford University Centre for Business Taxation.
  23. Saunders, Anthony & Acharya, Viral & Hasan, Iftekhar, 2002. "The Effects of Focus and Diversification on Bank Risk and Return: Evidence from Individual Bank Loan Portfolios," CEPR Discussion Papers 3252, C.E.P.R. Discussion Papers.
  24. Sheng-Syan Chen & I-Ju Chen, 2011. "Inefficient Investment and the Diversification Discount: Evidence from Corporate Asset Purchases," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 38(7-8), pages 887-914, September.
  25. James MacGee & Thorsten V. Koeppl, 2005. "What Banks Do And Markets Don't: Cross-subsidization," Working Paper 1052, Economics Department, Queen's University.
  26. Klein, Peter G, 2001. "Were the Acquisitive Conglomerates Inefficient?," RAND Journal of Economics, The RAND Corporation, vol. 32(4), pages 745-761, Winter.
  27. Gomes, Joao & Livdan, Dmitry, 2002. "The Performance of Optimally Diversified Firms: Reconciling Theory and Evidence," CEPR Discussion Papers 3546, C.E.P.R. Discussion Papers.
  28. Bardong, Florian & Bartram, Söhnke M. & Yadav, Pradeep K., 2006. "The Effect of Corporate Break-ups on Information Asymmetry: A Market Microstructure Analysis," MPRA Paper 13155, University Library of Munich, Germany, revised 26 Oct 2008.
  29. José Manuel Campa & Ignacio Hernando, 2002. "Value creation in European M&As," Working Papers 0223, Banco de España.
  30. Whited, Toni M., 2006. "External finance constraints and the intertemporal pattern of intermittent investment," Journal of Financial Economics, Elsevier, vol. 81(3), pages 467-502, September.
  31. Berg, Aron & Norbäck, Pehr-Johan & Persson, Lars, 2012. "International Mergers with Financially Constrained Owners," Working Paper Series 927, Research Institute of Industrial Economics.
  32. Laeven, Luc, 2001. "International evidence on the value of product and geographic diversity," Policy Research Working Paper Series 2729, The World Bank.
  33. Anjos, Fernando, 2010. "Costly refocusing, the diversification discount, and the pervasiveness of diversified firms," Journal of Corporate Finance, Elsevier, vol. 16(3), pages 276-287, June.
  34. Viral V. Acharya & Iftekhar Hasan & Anthony Saunders, 2006. "Should Banks Be Diversified? Evidence from Individual Bank Loan Portfolios," The Journal of Business, University of Chicago Press, vol. 79(3), pages 1355-1412, May.
  35. Donald S. Siegel & Kenneth L. Simons & Tomas Lindstrom, 2009. "Ownership Change, Productivity, and Human Capital: New Evidence from Matched Employer-Employee Data," NBER Chapters, in: Producer Dynamics: New Evidence from Micro Data, pages 397-442, National Bureau of Economic Research, Inc.
  36. Ayyagari, Meghana & Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2011. "Small vs. young firms across the world : contribution to employment, job creation, and growth," Policy Research Working Paper Series 5631, The World Bank.
  37. Stanley C. W. Salvary, 2004. "The Neoclassical Model, Corporate Retained Earnings, And The Regional Flows Of Financial Capital," Urban/Regional 0410007, University Library of Munich, Germany.
  38. Belen Villalonga, 2001. "Diversification Discount or Premium? New Evidence from BITS Establishment-Level Data," Working Papers 01-13, Center for Economic Studies, U.S. Census Bureau.
  39. Gomes, Joao & Livdan, Dmitry, 2002. "Optimal Diversification," CEPR Discussion Papers 3461, C.E.P.R. Discussion Papers.
  40. Stein, Jeremy C., 2003. "Agency, information and corporate investment," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 2, pages 111-165, Elsevier.
  41. Alain Praet, 2011. "Voluntary firm restructuring: why do firms sell or liquidate their subsidiaries?," Annals of Finance, Springer, vol. 7(4), pages 449-476, November.
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