Diversification strategy and systematic risk
研究了多元化战略与系统性风险（贝塔值）的关系，发现非相关多元化企业的贝塔值显著高于其他企业，并探讨了市场力量、资本结构和资本密集度等因素的可能贡献。
Abstract This paper addresses the relationship between diversification strategy and systematic risk (beta). Beta values are examined for six diversification categories, and it is found that betas for unrelated diversifiers are significantly higher than those of other firms. Possible contributions to this difference, including market power, capital structure, and capital intensity are explored.