Strategic Cost of Diversification
提出多元化公司超额价值差异的新解释：因无法灵活调整各分部资本结构，导致承诺最优运营策略的能力受限，从而降低公司价值。数据支持该模型。
This article proposes a new explanation for the large cross-sectional variation in the excess values of diversified firms. The model applies the idea of shareholders' limited liability affecting firms' output market strategies to the analysis of financial and operating choices of conglomerates. The inability of conglomerates to commit to unconstrained optimal operating strategies, following from the lack of flexibility in choosing their divisions' capital structures, reduces their value. Thus, the model highlights a new type of inefficiency of the conglomerate organizational structure, which is suboptimal financing. The predictions of the model are generally supported by the data. , Oxford University Press.