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The valuation discount of multi-segment firms in Australia

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dc.contributor.authorFleming, Grant
dc.contributor.authorOliver, Barry
dc.contributor.authorSkourakis, Steve
dc.date.accessioned2015-12-13T22:29:34Z
dc.date.issued2003
dc.date.updated2016-02-24T09:48:37Z
dc.description.abstractThis 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.issn0810-5391
dc.identifier.urihttp://hdl.handle.net/1885/74792
dc.publisherBlackwell Publishing Ltd
dc.sourceAccounting and Finance
dc.subjectKeywords: Diversification; Ownership structure
dc.titleThe valuation discount of multi-segment firms in Australia
dc.typeJournal article
local.bibliographicCitation.issue2
local.bibliographicCitation.lastpage185
local.bibliographicCitation.startpage167
local.contributor.affiliationFleming, Grant, College of Business and Economics, ANU
local.contributor.affiliationOliver, Barry, College of Business and Economics, ANU
local.contributor.affiliationSkourakis, Steve, Deloitte Touche Tohmatsu
local.contributor.authoruidFleming, Grant, u9400589
local.contributor.authoruidOliver, Barry, u9114048
local.description.embargo2037-12-31
local.description.notesImported from ARIES
local.description.refereedYes
local.identifier.absfor150201 - Finance
local.identifier.ariespublicationMigratedxPub4304
local.identifier.citationvolume43
local.identifier.doi10.1111/1467-629X.00087
local.identifier.scopusID2-s2.0-73849110387
local.type.statusPublished Version

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