The Diversification Puzzle: Revisiting the Value Impact of Diversification for UK Firms
研究英国企业多元化决策对价值的影响，发现地理多元化存在14%的价值折价，而行业多元化无系统影响，表明行业特征可能是英国企业多元化选择的重要驱动因素。
Abstract: The literature on value impact of diversification decisions has focused on US firms and has examined industrial rather than geographic diversification . This study exploits the Lang and Stulz (1994) , Berger and Ofek (1995) and Bodnar et al. (1999) methodologies and controls for form of diversification in assessing value impact for a sample of UK firms, for the period 1996‐2000. Using an adjusted value metric that controls for industry effects, we report a significant and perverse geographic discount of 14%, and no systematic industrial value impact, suggesting that sector characteristics may be a significant driver of diversification choice for UK firms.