Does Corporate Diversification Destroy Value?
分析数百家通过收购或增加业务部门进行扩张的企业，发现收购公告的市场反应为正，但多元化后企业超额价值下降，主要原因是收购了已折价的业务单元，而非多元化本身破坏价值。
ABSTRACT We analyze several hundred firms that expand via acquisition and/or increase their number of business segments. The combined market reaction to acquisition announcements is positive but acquiring firm excess values decline after the diversifying event. Much of the excess value reduction occurs because our sample firms acquire already discounted business units, and not because diversifying destroys value. This implies that the standard assumption that conglomerate divisions can be benchmarked to typical stand‐alone firms should be carefully reconsidered. We also show that excess value does not decline when firms increase their number of business segments because of pure reporting changes.