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
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