In general, conglomeration leads to a diversification of risks (the diversification benefit) and to a decrease in shareholder value (the conglomerate discount). Diversification benefits in financial conglomerates are typically derived without accounting for reduced shareholder value, even though a comprehensive analysis requires competitive conditions within the conglomerate, i.e., shareholders...

This paper investigates the determinants of technological diversification among UK’s small serial innovators (SSIs). Using a longitudinal study of 339 UK-based small businesses accounting for almost 7000 patents between 1990 and 2006, this study constitutes the first empirical examination of technological diversification among SMEs in the literature. Results demonstrate that technological diver...

This paper investigates the effects of focus versus diversification on bank performance using data on Chinese banks during the 1996-2006 period. We construct a new measure, economies of diversification, and compare the results to those of the more conventional focus index, which is based on the sum of squares of shares in different products or regions. Diversification is captured in four dimens...

The study of diversification and firm performance lies at the heart of the strategy literature (Dess, Gupta, Hennart, & Hill, 1995). Nevertheless, in spite of all the efforts of researchers to untangle the diversificationperformance relationship milieu, there is still much confusion surrounding this vital issue. One potential source of confusion centers on the type of diversification being purs...

A widely applied diversification paradigm is the naive diversification choice heuristic. It stipulates that an economic agent allocates equal decision weights to given choice alternatives independent of their individual characteristics. This article provides mathematically and economically sound choice theoretic foundations for the naive approach to diversification. We axiomatize naive diversif...

Understanding the patterns of diversification in sexual traits and the selection underlying such diversification represents a major unresolved question in evolutionary biology. We examined the phylogenetic diversification for courtship and external genitalic characters across ten species of Timema walking-sticks, to infer the tempos and modes of character change in these sexual traits and to dr...

Angiosperms are among the major terrestrial radiations of life and a model group for studying patterns and processes of diversification. As a tool for future comparative studies, we compiled a supertree of angiosperm families from published phylogenetic studies. Sequence data from the plastid rbcL gene were used to estimate relative timing of branching events, calibrated by using robust fossil ...

Elucidating factors associated with diversification have been attempted in lineages as diverse as birds, mammals and angiosperms, yet has met with limited success. In flowering plants, the ambiguity of associations between traits and diversification has sparked debate since Darwin's description of angiosperm diversification as an 'abominable mystery'. Recent work has found that diversification ...

Search result diversification enables the modern day search engines to construct a result list that consists of documents that are relevant to the user query and at the same time, diverse enough to meet the diverse user expectations. However, all the queries received by a search engine may not benefit from diversification. Further, different types of queries may benefit from different diversifi...

This paper selects 632 manufacturing listed companies in 2015 and divides them into four categories according to the Wrigley classification method. By analyzing the conduction path of diversification influence on technological innovation, this paper studies the influence of different diversification types on R&D investment, and explores the relationship between diversification and innovation ca...