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EFA 2002 Berlin Meetings Presentation Papers (Archive)最新文献

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On the Strength of the Us Dollar: Can it Be Explained by Output Growth? 美元走强:可以用产出增长来解释吗?
EFA 2002 Berlin Meetings Presentation Papers (Archive) Pub Date : 2001-11-01 DOI: 10.2139/ssrn.300241
Peter J. G. Vlaar
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引用次数: 18
Diversification Discount or Premium? New Evidence from Bits Establishment-Level Data 分散投资折价还是溢价?来自比特机构级数据的新证据
EFA 2002 Berlin Meetings Presentation Papers (Archive) Pub Date : 2000-12-19 DOI: 10.2139/ssrn.253793
Belén Villalonga
{"title":"Diversification Discount or Premium? New Evidence from Bits Establishment-Level Data","authors":"Belén Villalonga","doi":"10.2139/ssrn.253793","DOIUrl":"https://doi.org/10.2139/ssrn.253793","url":null,"abstract":"This paper examines whether the finding of a diversification discount in U.S. stock markets is only a data artifact. Segment data may give rise to biased estimates of the value effect of diversification because segments are defined inconsistently across firms, and that inconsistency does not occur at random. I use a new establishment-level database that covers the whole U.S. economy (BITS) to construct business units that are more consistently and objectively defined across firms, and thus more comparable. Using a common methodological approach on a sample of firms which exhibit a diversification discount according to segment data, I find that, when BITS data are used, diversified firms actually trade at a significant average premium. The premium is robust to variations in the method, sample, business unit definition, and measures of excess value and diversification used.","PeriodicalId":172053,"journal":{"name":"EFA 2002 Berlin Meetings Presentation Papers (Archive)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116994165","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 102
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