Are Internal capital Markets Efficient?
利用Compustat分部数据，发现多元化企业分部的投资受其他分部现金流影响，但远小于受自身现金流的影响；高度多元化企业分部的投资对自身现金流的敏感性低于可比单一分部企业。
Using segment information from Compustat, we find that the investment by a segment of a diversified firm depends on the cash flow of the firm's other segments, but significantly less than it depends on its own cash flow. The investment by segments of highly diversified firms is less sensitive to their cash flow than the investment of comparable single-segment firms. The sensitivity of a segment's investment to the cash flow of other segments does not depend on whether its investment opportunities are better than those of the firm's other segments.