THE EFFECT OF THE IMPLEMENTATION OF THE MULTIDIVISIONAL STRUCTURE ON SHAREHOLDER'S WEALTH: THE CONTINGENCY OF DIVERSIFICATION STRATEGY
研究美国公司宣布实施多部门管理结构（M型结构）时的股价效应，并分析这种效应如何取决于公司现有的多元化战略（无关、相关或垂直整合）。
This paper presents evidence on the price effect of US firms announcing the implementation of a multidivisional management structure (M‐form) and whether these effects are contingent on the existing diversification strategy (either unrelated, related, or vertical integration). Differnt patterns of excess returns and systematic risk (beta) changes are associated with different diversification strategies.