Corporate Diversification and the Cost of Capital
研究发现多元化企业的资本成本平均低于独立企业组合，且业务单元现金流相关性越低，资本成本越低，这源于内部保险效应降低了系统性风险。
ABSTRACT We examine whether organizational form matters for a firm's cost of capital. Contrary to the conventional view, we argue that coinsurance among a firm's business units can reduce systematic risk through the avoidance of countercyclical deadweight costs. We find that diversified firms have, on average, a lower cost of capital than comparable portfolios of stand‐alone firms. In addition, diversified firms with less correlated segment cash flows have a lower cost of capital, consistent with a coinsurance effect. Holding cash flows constant, our estimates imply an average value gain of approximately 5% when moving from the highest to the lowest cash flow correlation quintile.