Diversification Discount or Premium? New Evidence from the Business Information Tracking Series
利用覆盖全美经济的新普查数据库BITS，研究发现按分部数据得出多元化折价时，改用更一致客观的业务单元定义则呈现多元化溢价，且结果稳健。
ABSTRACT I use the Business Information Tracking Series (BITS), a new census database that covers the whole U.S. economy at the establishment level, to examine whether the finding of a diversification discount is an artifact of segment data. BITS data allow me to construct business units that are more consistently and objectively defined than segments, and thus more comparable across firms. Using these data on a sample that yields a discount according to segment data, I find a diversification premium. The premium is robust to variations in the sample, business unit definition, and measures of excess value and diversification.