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The Market Value of Diversified Firms in Australia

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dc.contributor.authorFleming, Gen_US
dc.contributor.authorOliver, Barryen_US
dc.contributor.authorSkourakis, Stevenen_US
dc.date.accessioned2002-05-14en_US
dc.date.accessioned2004-05-19T11:33:53Zen_US
dc.date.accessioned2011-01-05T08:36:46Z
dc.date.available2004-05-19T11:33:53Zen_US
dc.date.available2011-01-05T08:36:46Z
dc.date.created2001en_US
dc.date.issued2001en_US
dc.description.abstractThis 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 Least Squares (OLS) regression models are applied to explain the variations in the diversification results. There is strong evidence for differential pricing of diversified firms in Australia with high performing diversified firms trading at a premium to single segment firms.en_US
dc.format.extent104700 bytesen_US
dc.format.mimetypeapplication/pdfen_US
dc.identifier.urihttp://hdl.handle.net/1885/40665en_US
dc.identifier.urihttp://digitalcollections.anu.edu.au/handle/1885/40665
dc.language.isoen_AUen_US
dc.subjectownership structureen_US
dc.subjectdiversificationen_US
dc.titleThe Market Value of Diversified Firms in Australiaen_US
dc.typeWorking/Technical Paperen_US
local.citationWorking Paper Series in Finance 01-04en_US
local.contributor.affiliationANUen_US
local.contributor.affiliationSchool of Finance and Applied Statisticsen_US
local.description.refereednoen_US
local.identifier.citationmonthaugen_US
local.identifier.citationyear2001en_US
local.identifier.eprintid365en_US
local.rights.ispublishedyesen_US

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