The valuation discount of multi-segment firms in Australia
dc.contributor.author | Fleming, Grant | |
dc.contributor.author | Oliver, Barry | |
dc.contributor.author | Skourakis, Steve | |
dc.date.accessioned | 2015-12-13T22:29:34Z | |
dc.date.issued | 2003 | |
dc.date.updated | 2016-02-24T09:48:37Z | |
dc.description.abstract | This paper refines the Berger and Ofek (1995) methodology to estimate the valuation discount of multi-segment firms in Australia between 1988 and 1998. Evidence is found that based on earnings before tax, the sample of multi-segment firms traded at a 29 per cent greater discount than a comparable portfolio of single segment firms over the sample period. To explain the results further analysis shows that the valuation discount was driven by poorly performing multi-segment firms rather than multi-segment firms per se. This raises questions about studies that conclude that diversification is value destroying. | |
dc.identifier.issn | 0810-5391 | |
dc.identifier.uri | http://hdl.handle.net/1885/74792 | |
dc.publisher | Blackwell Publishing Ltd | |
dc.source | Accounting and Finance | |
dc.subject | Keywords: Diversification; Ownership structure | |
dc.title | The valuation discount of multi-segment firms in Australia | |
dc.type | Journal article | |
local.bibliographicCitation.issue | 2 | |
local.bibliographicCitation.lastpage | 185 | |
local.bibliographicCitation.startpage | 167 | |
local.contributor.affiliation | Fleming, Grant, College of Business and Economics, ANU | |
local.contributor.affiliation | Oliver, Barry, College of Business and Economics, ANU | |
local.contributor.affiliation | Skourakis, Steve, Deloitte Touche Tohmatsu | |
local.contributor.authoremail | repository.admin@anu.edu.au | |
local.contributor.authoruid | Fleming, Grant, u9400589 | |
local.contributor.authoruid | Oliver, Barry, u9114048 | |
local.description.embargo | 2037-12-31 | |
local.description.notes | Imported from ARIES | |
local.description.refereed | Yes | |
local.identifier.absfor | 150201 - Finance | |
local.identifier.ariespublication | MigratedxPub4304 | |
local.identifier.citationvolume | 43 | |
local.identifier.doi | 10.1111/1467-629X.00087 | |
local.identifier.scopusID | 2-s2.0-73849110387 | |
local.identifier.uidSubmittedBy | Migrated | |
local.type.status | Published Version |
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