Spin-offs, Divestitures, and Conglomerate Investment
研究分拆或剥离是否改善联合企业的投资效率，考虑决策内生性和投资机会代理变量Tobin's q的测量误差，发现控制这些因素后投资效率并无改善。
We examine whether spin-offs or divestitures cause improvements in conglomerate investment efficiency. At issue are endogeneity of these restructuring decisions and correct measurement of investment efficiency. Endogeneity is a problem because the factors that induce firms to spin off or divest divisions may also improve investment efficiency; measurement error is a problem because efficiency measures employ Tobin’s q as a noisy proxy for investment opportunities. We find important differences between firms that divest or spin off and a control sample. After accounting for these differences and for measurement error in q, we find no evidence of improvements in investment efficiency.