The Market Value of Diversified Firms in Australia
This paper refines the Berger and Ofek (1995) methodology to approximate the market value of diversified firms in Australia between 1988 and 1998. Mixed evidence is found for the diversification discount, with diversified firms trading at a discount to single segment firms using an earnings-based excess value measure and at a premium employing an assets excess value measure. Measurement errors are identified with the earning-based excess value measure and refinements are presented. Ordinary...[Show more]
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