The Diversification Discount: Cash Flows Versus Returns
发现多元化公司的价值差异源于未来现金流和预期回报的差异，折价公司后续回报显著高于溢价公司，且超额价值变化中现金流和回报各占约一半。
ABSTRACT Diversified firms have different values from comparable portfolios of single‐segment firms. These value differences must be due to differences in either future cash flows or future returns. Expected security returns on diversified firms vary systematically with relative value. Discount firms have significantly higher subsequent returns than premium firms. Slightly more than half of the cross‐sectional variation in excess values is due to variation in expected future cash flows, with the remainder due to variation in expected future returns and to covariation between cash flows and returns.