Using simulated mergers to evaluate corporate diversification strategies
提出用模拟并购来评估多元化对企业绩效的影响，发现聚焦于更少、更大业务单元的集团多元化策略在风险与回报指标上可能更优。
Abstract This study suggests that simulated mergers can be used to help evaluate the effects of diversification on corporate performance. The results, which are consistent with a risk‐reduction motive for conglomerate diversification, imply that conglomerate strategies focused on fewer and larger units may be advantageous in terms of certain measures of risk and return. Forecast error is used here to measure strategic risk, and return on equity is used to measure return.