Shopping for Information? Diversification and the Network of Industries
提出并检验了企业多元化是一种利用内部信息市场的战略，通过构建产业间网络和引入“超额中心度”指标，发现高超额中心度的联合企业价值更高、专利更多更好，且该效应在分析师覆盖少和软信息重要的行业中更显著。
We propose and test a view of corporate diversification as a strategy that exploits internal information markets, by bringing together information that is scattered across the economy. First, we construct an interindustry network using input-output data, to proxy for the economy’s information structure. Second, we introduce a new measure of conglomerate informational advantage, named “excess centrality,” which captures how much more central conglomerates are relative to specialized firms operating in the same industries. We find that high-excess-centrality conglomerates have greater value, and produce more and better patents. Consistent with the internal-information-markets view, we also show that excess centrality has a greater effect in industries covered by fewer analysts and in industries where soft information is important. This paper was accepted by Gustavo Manso, finance.