Why Agency Costs Explain Diversification Discounts
研究房地产行业多元化折价的原因，发现折价主要源于未来多元化收购中的租金耗散预期，而非多元化本身，且该折价是代理成本的度量。
We study diversificsation within the real estate industry because of its relative transparency: portfolio management of assets with well‐defined market prices. Diversification is over property types and geographical regions. The major cause of the diversification discount is not diversification per se but anticipated costs due to rent dissipation in future diversifying acquisitions. Firms expected to pursue nonfocusing strategies do indeed diversify more, are valued ex ante at a 20% discount over firms anticipated to follow a focusing strategy, are predominantly privately controlled and use dual‐class shares extensively. The ex ante diversification discount is, therefore, a measure of agency costs.