The strategy‐shareholder value relationship: Testing temporal stability across market cycles
研究了多元化战略与股东价值的关系在不同市场周期中的稳定性，发现经济下行时保护股东价值的最佳方式是集中投资于相似业务。
Abstract This study examines the stability of the relationship between diversification and shareholder value across contiguous time periods, organized so as to highlight three distinct market cycles. By defining value as a two‐dimensional construct, separating the concurrent economic phenomena of cycle and trend, and controlling for other factors that influence risk and return, this study finds that the best way to protect shareholder value against economic downturns is to diversify in a manner such that ‘all of one's eggs are in similar baskets’.