Two Sides of a Coin: Endogenours and Exogenous Effects of Corporate Diversification on Firm Value
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Description
We investigate the value effects of two types of corporate diversification - unexpected exogenous diversification and endogenous diversification. Combining Heckman's sample-selection estimator with a two-stage least squares estimator and a generalized method of moments instrumental variables estimator to control for both endogeneity and sample-selection bias, we find that while an unexpected increase in diversification caused by exogenous shocks destroys firm value, an endogenous increase in...[Show more]
Collections | ANU Research Publications |
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Date published: | 2012 |
Type: | Journal article |
URI: | http://hdl.handle.net/1885/50216 |
Source: | International Review of Finance |
DOI: | 10.1111/j.1468-2443.2012.01158.x |
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