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财务金融系系列讲座之235期

 

时　间：2018年12月12日（周三）13:30

地　点：史带楼303室

主持人：Ph.D. Na ZHANG　 Department of Finance, School of Management, Fudan University

主　题：Is There a Diversification Discount? A Re-examination

演讲者：Prof. Xianming Zhou     Associate Professor , The Australian National University

摘　要： The standard approach in the research of the diversification discount is to examine the excess value estimated from a valuation multiple. The excess value metric has two distinct properties: (1) a segment-size effect due to the link of the multiple to segment size; and (2) an imputed-value uncertainty effect due to the concavity of the excess value function. We first analyze fake conglomerates that are formed from randomly drawn pure-play firms to verify these two effects. Whereas involving no business diversification, these two effects are unusually strong. We then reexamine the diversification discount using real firm data. In a standard empirical framework, we show that the diversification discount disappears after controlling for segment size and imputed value uncertainty.

简　介：Xianming Zhou博士为澳大利亚国立大学金融学副教授，研究领域包括公司金融、资本市场等。已在Journal of Financial and Quantitative Analysis, International Review of Finance, Journal of Banking and Finance, Journal of Corporate Finance等国际知名期刊发表多篇论文。

 

财务金融系

2018-12-6