Optimal Diversification: Reconciling Theory and Evidence
通过模型证明，企业多元化和绩效之间的实证发现与股东价值最大化一致，解释了多元化折价和多元化与生产率的关系。
ABSTRACT In this paper we show that the main empirical findings about firm diversification and performance are consistent with the maximization of shareholder value. In our model, diversification allows a firm to explore better productive opportunities while taking advantage of synergies. By explicitly linking the diversification strategies of the firm to differences in size and productivity, our model provides a natural laboratory to investigate several aspects of the relationship between diversification and performance. Specifically, we show that our model can rationalize the evidence on the diversification discount ( Lang and Stulz (1994) ) and the documented relation between diversification and productivity ( Schoar (2002) ).