Dissecting Conglomerate Valuations
提出一种不依赖独立公司来估算企业集团各部门托宾Q的新方法，发现部门Q与独立公司差异显著，且受内部资本市场和协方差结构影响，可用于研究企业多元化背后的经济机制。
ABSTRACT We develop a new method to estimate Tobin's Qs of conglomerate divisions without relying on standalone firms. Divisional Qs differ considerably from those of standalone firms across industries, over time, and in their sensitivity to economic shocks. The differences are explained by intraconglomerate covariance structures and access to internal capital markets that mitigate external financing frictions. Consequently, the Qs capture variation in the allocation of assets in the economy: within firms through internal capital markets and across focused and diversified firms through diversifying acquisitions. Overall, our method provides opportunities to study the economic mechanisms that explain corporate diversification.