Is Corporate Diversification Beneficial in Emerging Markets?
基于1995年七个新兴市场1000多家企业的数据，发现多元化企业相比单一业务企业存在约7%的折价，且盈利能力更低，但折价不能完全由低盈利解释；折价主要出现在工业集团成员以及管理层持股10%-30%的企业中，当控制权远超现金流权时折价最严重。
Using a sample of over 1000 firms from seven emerging markets in 1995, we find that diversified firms trade at a discount of approximately 7% compared to single-segment firms. Diversified firms are also less profitable than single-segment firms, but lower profitability only explains part of the discount. We find a discount only for those firms that are part of industrial groups and for diversified firms with management ownership concentration between 10% and 30%. The discount is most severe when management control rights substantially exceed their cash flow rights. Our results do not support internal capital market efficiency in economies with severe capital market imperfections.