【摘 要】
：
Our paper examines the relation between corporate diversification and firm value using U. S. data over the period 1998-2004 under the segment reporting standard SFAS 131 introduced in 1997. Both tradi
【机 构】
：
The Australian National University, Canberra
论文部分内容阅读
Our paper examines the relation between corporate diversification and firm value using U. S. data over the period 1998-2004 under the segment reporting standard SFAS 131 introduced in 1997. Both traditional diversification measures and measures of diversity that are arguably more theoretically appealing for post-1997 data confirm the existence of a diversification discount in our whole sample. Consistent with previous studies, we find that the diversification discount is only significant when a firm increases the number of industries from one to two. In contrast , when we use diversity in investment opportunities as the measure of the degree of diversification , we find that firms with the lowest degree of diversity are likely to have a premium compared to focused firms. Furthermore, the sub-sample analysis reveals that the negative relation between diversity and firm value is only statistically significant in highly diversified firms and the greatest discount occurs in highly diversified small firms.
其他文献
本文利用事件研究法以及相应的回归方法分析了境内公司的交叉上市行为所带来的溢出效应。研究表明，同行业纯境内上市公司对交叉上市的反应主要体现为扩容压力的影响。交叉上市所导致的资金分流大于潜在的风险分散预期的影响。我国公司的交叉上市行为还没有形成对国内市场发展的推动力，反而有可能陷入“交叉上市——资金分流——交叉上市”的恶性循环。
本文采用最小二乘回归蒙特卡洛模拟对固定利率住房抵押贷款进行定价研究。模型结合当前我国住房抵押贷款合同的具体条款和提前偿还特征，分析住房抵押贷款的违约期权风险和违约概率，运用无风险套利原理得到住房抵押贷款的市场公允利率。结果表明，该模型可以为商业银行的房贷利率定价提供参考依据。
本文在代际交替(OLG)模型的框架下，结合我国房地产市场中特有的制度安排，分析了影响我国房地产市场中住宅价格的基本因素，探讨了房地产市场中投机泡沫的产生机制，并对我国房地产市场中的投机泡沫进行了实证分析。结论显示，不论是从全国房地产市场还是从上海市及厦门市两个局部房地产市场来看，在本文的研究框架下，都存在一定程度的投机泡沫。因此，有必要对我国的房地产市场采取调控政策。就长期来看，银行对首付款额度的
本文探讨公司资产重组对公司价值的影响问题，对公司资产重组对公司价值的影响机理进行了理论探讨。从基于财务指标和配对统计检验方法、基于股价指标和累计超额收益率(CAR)方法两个方面，对我国上市公司资产重组对公司价值的影响进行了实证分析。总体来看，沪深股市的上市公司资产重组的长期绩效较差。同时对上市公司资产重组的市场反应进行了解释，有助于促进解决这些问题的相关研究。
Regulation FD, imposed by the Securities and Exchange Commission in October 2000, was designed to create a level playing field by prohibiting disclosure of material private information to selective re
本文选用1997年6月至2004年10月上证所国债市场的月度数据,对利率期限结构估计参数模型中的NS模型和SV模型进行了似然比检验、样本内和样本外的分组拟合优度检验。检验结果表明,NS模型比SV模型更适合于上证所的利率期限结构估计；上证所利率期限结构在1～10年期限期间尤其是5～7年期限期间能够获得可靠的估计；在0～1年和10～20年期限期间估计的可靠性不高。
This paper examines the relationship between hedging activities and executive compensation of U. S. oil and gas producers and evaluates their effect on firm value. Theories of hedging based on market
Using the eruption of Argentin a debt crisis in 2001 as a natural experiment, we investigated the correlated default at the sovereign level for some Latin American countries. Daily closing market quot
Using China s recent exchange rate reform as a special event, we investigate whether the law of one price holds better under a more flexible exchange rate system. First, we examine if China s exchange
With the development of the capital market and the increasing integration between the capital market and the M & A, M & A activities have been facilitated not only in the forms but also in the means,