Survival and value: The conglomerate case
研究因样本中遗漏企业生存概率控制而导致的选择偏差如何扭曲违约概率与价值的关系，发现联合大企业的样本价值随违约概率上升而增加，但控制生存概率后该效应消失。
Abstract This paper investigates the relationship between default probability and value when there is a selection bias due to missing controls for firm heterogeneous likelihood to survive in the sample. Our model delivers the following implications for the conglomerate case: (a) the sample conglomerate value increases in their default probability, (b) the sample conglomerate discount falls together with their excess default probability with respect to focused companies, (c) both effects disappear when the analyst controls for survival probability. The data support the presence of a selection bias distorting downwards the relative value of sample firms with higher survival probability.