The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Diversification Discount or Premium? New Evidence from the Business Information Tracking Series
Abstract
I use the Business Information Tracking Series (BITS), a new census database that covers the whole U.S. economy at the establishment level, to examine whether the finding of a diversification discount is an artifact of segment data. BITS data allow me to construct business units that are more consistently and objectively defined than segments, and thus more comparable across firms. Using these data on a sample that yields a discount according to segment data, I find a diversification premium. The premium is robust to variations in the sample, business unit definition, and measures of excess value and diversification.
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A Simple Approximation of Tobin's q
Chung, K. H., & Pruitt, S. W. (1994) · Financial Management · doi:10.2307/3665623 · Cited by 2,460
Cited by
Controlling for endogeneity with instrumental variables in strategic management research
Bascle, G. (2008) · Strategic Organization · doi:10.1177/1476127008094339 · Cited by 1,133
Metadata
- Authors
- Villalonga, B.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2004-03-25
- Volume
- 59
- Issue
- 2
- Pages
- 479-506
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2092715343
- Cited by
- 814
- References
- 1
- FWCI
- 129.14
- Type
- journal article
- Language
- en
- Open access
- closed
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- Villalonga, B. (2004). Diversification Discount or Premium? New Evidence from the Business Information Tracking Series. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2004.00640.x
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
