The Diversification Discount Puzzle: Evidence for a Transaction-Cost Resolution
نویسندگان
چکیده
منابع مشابه
The Diversification Discount Puzzle: Empirical Evidence for a Transactions Cost Resolution
Prior literature on the diversification discount and the relative efficiency of internal versus external capital markets provides decidedly mixed results. We argue that transactions cost economics are useful in understanding this puzzle. According to transactions cost economics, diversified firms should outperform single-segment firms in industries with higher external transaction costs (e.g., ...
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ژورنال
عنوان ژورنال: Financial Review
سال: 2009
ISSN: 0732-8516,1540-6288
DOI: 10.1111/j.1540-6288.2008.00212.x