Using theories of internal capital markets, this paper examines the link between financial market integration and the value of global diversification. Based on a sample of 1,491 completed cross-border mergers and acquisitions (M&As) conducted by US acquirers during the 1990–2003 period, we find that, in general, US shareholders gain significant positive abnormal returns following the announceme...

in every society the optimal performance of economic system is depened upon two efjkient, powerful and administered sections: real and financial. the existence of different institutions in financial markets make different financial instruments available to real section. investment companies are among active financial institutions which collect small amounts ofcapital by selling thier shares and...

Abstract This study investigates whether high-skilled migration in a sample of OECD countries fosters technological diversification the migrants’ origin. We focus on migrant inventors and their role as vectors knowledge remittances. Further, we particularly analyze migrants spark related or unrelated back home. To account for uneven distribution within host countries, break down analysis at met...

Diversified corporations competing in industries characterized by uncertain and rapidly changing structures can enhance their competitiveness by increasing their level of strategic flexibility, i.e., their ability to reconfigure divisional relationships to exploit shifting industry-level complementarities. The value of this kind of strategic flexibility can be understood using a real options fr...

a r t i c l e i n f o In the portfolio choice literatures and the financial market, diversification and concentration are the focus of debate of philosophers. In this paper, we develop a model of portfolio choice to integrate the diversification strategy and the concentration strategy. Our model relies on the concepts of investor sentiment and inertial thinking. The results show that: Generally...

When assets are correlated, benefits of investment diversification are reduced. To measure the influence of correlations on investment performance, a new quantity—the effective portfolio size—is proposed and investigated in both artificial and real situations. We show that in most cases, the effective portfolio size is much smaller than the actual number of assets in the portfolio and that it l...

Restructuring  is relevant for companies that have free capital and need to expand for development purposes, as well as for companies that have relatively large problems with financial results and the relevant indicators indicate the necessary changes. Motives of the restructuring may be different, the authors put forward the following reasons: operation operational synergy, financial synergy, ...

Introduction Measures of farm diversification Data and model specification Econometric results Discussion Summary and conclusions Acknowledgements References Appendix Abstract. Farm planning often focuses on optimal diversification with respect to risk, where the riskmanagement strategies combine production, marketing, financial and environmental aspects of the farmfirm. In this study an empiri...