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Citations for "Do Conglomerate Firms Allocate Resources Inefficiently Across Industries? Theory and Evidence"

by Vojislav Maksimovic & Gordon Phillips

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  1. Nocke, Volker & Yeaple, Stephen, 2013. "Globalization and Multiproduct Firms," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 408, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  2. Bernardo, Antonio E. & Luo, Jiang & Wang, James J.D., 2006. "A theory of socialistic internal capital markets," Journal of Financial Economics, Elsevier, vol. 80(3), pages 485-509, June.
  3. Yihui Pan & Tracy Yue Wang & Michael S. Weisbach, 2013. "CEO Investment Cycles," NBER Working Papers 19330, National Bureau of Economic Research, Inc.
  4. Lóránth, Gyöngyi & Morrison, Alan, 2008. "Bank Diversification and Incentives," CEPR Discussion Papers 7051, C.E.P.R. Discussion Papers.
  5. Stefan Erdorf & Thomas Hartmann-Wendels & Nicolas Heinrichs & Michael Matz, 2012. "Corporate Diversification and Firm Value: A Survey of Recent Literature," Cologne Graduate School Working Paper Series 03-01, Cologne Graduate School in Management, Economics and Social Sciences.
  6. Tarun Khanna & Yishay Yafeh, 2007. "Business Groups in Emerging Markets: Paragons or Parasites?," Journal of Economic Literature, American Economic Association, vol. 45(2), pages 331-372, June.
  7. Yim, Hyung Rok, 2008. "Quality shock vs. market shock: Lessons from recently established rapidly growing U.S. startups," Journal of Business Venturing, Elsevier, vol. 23(2), pages 141-164, March.
  8. Beck, Thorsten & Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2006. "The influence of financial and legal institutions on firm size," Journal of Banking & Finance, Elsevier, vol. 30(11), pages 2995-3015, November.
  9. Chad Syverson, 2010. "What Determines Productivity?," NBER Working Papers 15712, National Bureau of Economic Research, Inc.
  10. Katariina Hakkala, 2006. "Corporate restructuring and labor productivity growth," Industrial and Corporate Change, Oxford University Press, vol. 15(4), pages 683-714, August.
  11. Pavel Sevcik, 2009. "Financial Frictions, Internal Capital Markets, and the Organization of Production," 2009 Meeting Papers 530, Society for Economic Dynamics.
  12. Gao, Wenlian & Ng, Lilian & Wang, Qinghai, 2008. "Does geographic dispersion affect firm valuation?," Journal of Corporate Finance, Elsevier, vol. 14(5), pages 674-687, December.
  13. Albert Banal-Estañol & Marco Ottaviani & Andrew Winton, 2013. "The Flip Side of Financial Synergies:Coinsurance versus Risk Contamination," Working Papers 475, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  14. Freixas, Xavier & Lóránth, Gyöngyi & Morrison, Alan, 2005. "Regulating Financial Conglomerates," CEPR Discussion Papers 5036, C.E.P.R. Discussion Papers.
  15. Geoffrey Tate & Liu Yang, 2013. "The Bright Side Of Corporate Diversification: Evidence From Internal Labor Markets," Working Papers 13-40, Center for Economic Studies, U.S. Census Bureau.
  16. Takechi, Kazutaka & Higashida, Keisaku, 2012. "Firm organizational heterogeneity and market structure: Evidence from the Japanese pesticide market," International Journal of Industrial Organization, Elsevier, vol. 30(2), pages 193-203.
  17. Flaxio Toxvaerd, 2005. "Mergers, Diversification and Financial Intermediation," Money Macro and Finance (MMF) Research Group Conference 2005 43, Money Macro and Finance Research Group.
  18. Maksimovic, Vojislav & Phillips, Gordon & Prabhala, N.R., 2011. "Post-merger restructuring and the boundaries of the firm," Journal of Financial Economics, Elsevier, vol. 102(2), pages 317-343.
  19. Liu Yang, 2008. "The Real Determinants of Asset Sales," Journal of Finance, American Finance Association, vol. 63(5), pages 2231-2262, October.
  20. Lelyveld, Iman van & Knot, Klaas, 2008. "Do financial conglomerates create or destroy value? Evidence for the EU," Research Report 08003, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
  21. Stefan Erdorf & Thomas Hartmann-Wendels & Nicolas Heinrichs & Michael Matz, 2013. "Corporate diversification and firm value: a survey of recent literature," Financial Markets and Portfolio Management, Springer, vol. 27(2), pages 187-215, June.
  22. repec:hal:cepnwp:hal-00598136 is not listed on IDEAS
  23. Boutin, Xavier & Cestone, Giacinta & Fumagalli, Chiara & Pica, Giovanni & Serrano-Velarde, Nicolas, 2009. "The Deep Pocket Effect of Internal Capital Markets," CEPR Discussion Papers 7184, C.E.P.R. Discussion Papers.
  24. Heitor Almeida & Murillo Campello & Dirk Hackbarth, 2011. "Liquidity Mergers," NBER Working Papers 16724, National Bureau of Economic Research, Inc.
  25. Laeven, Luc & Levine, Ross, 2005. "Is There a Diversification Discount in Financial Conglomerates?," CEPR Discussion Papers 5121, C.E.P.R. Discussion Papers.
  26. Christian Espinosa & Juan Gorigoitía, 2012. "Stability of sovereign risk in the Eurozone through the Lyapunov Exponent," Working Papers 36, Facultad de Economía y Empresa, Universidad Diego Portales.
  27. Antoine Faure- Grimaud & Roman Inderst, 2005. "Conglomerate Entrenchment under Optimal Financial Contracting," American Economic Review, American Economic Association, vol. 95(3), pages 850-861, June.
  28. Mauri, Alfredo J. & Lin, Jing & Neiva De Figueiredo, João, 2013. "The influence of strategic patterns of internationalization on the accuracy and bias of earnings forecasts by financial analysts," International Business Review, Elsevier, vol. 22(4), pages 725-735.
  29. Clarke, Jonathan E. & Fee, C. Edward & Thomas, Shawn, 2004. "Corporate diversification and asymmetric information: evidence from stock market trading characteristics," Journal of Corporate Finance, Elsevier, vol. 10(1), pages 105-129, January.
  30. Martijn Cremers & Rocco Huang & Zacharias Sautner, 2008. "Internal Capital Markets and Corporate Politics in a Banking Group," Yale School of Management Working Papers amz2464, Yale School of Management, revised 01 Oct 2009.
  31. Anaïs HAMELIN, 2013. "Does Size Matter? Firm And Business Group Size Influence On The Benefits Of Group Affiliation," Working Papers of LaRGE Research Center 2013-10, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg (France).
  32. Choe, Chongwoo & Yin, Xiangkang, 2009. "Diversification discount, information rents, and internal capital markets," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(2), pages 178-196, May.
  33. Fratianni, Michele & Marchionne, Francesco, 2013. "The fading stock market response to announcements of bank bailouts," Journal of Financial Stability, Elsevier, vol. 9(1), pages 69-89.
  34. Manuel Becerra & Juan Santalo, 2004. "The effect of diversification on performance revisited: diversification discount, premium, or both?," Working Papers Economia wp04-36, Instituto de Empresa, Area of Economic Environment.
  35. Donald S. Siegel & Kenneth L. Simons & Tomas Lindstrom, 2005. "Ownership Change, Productivity, and Human Capital: New Evidence from Matched Employer-Employee Data in Swedish Manufacturing," Rensselaer Working Papers in Economics 0502, Rensselaer Polytechnic Institute, Department of Economics.
  36. Gerard Hoberg & Gordon M. Phillips, 2011. "Conglomerate Industry Choice and Product Di fferentiation," NBER Working Papers 17221, National Bureau of Economic Research, Inc.
  37. Seru, Amit, 2014. "Firm boundaries matter: Evidence from conglomerates and R&D activity," Journal of Financial Economics, Elsevier, vol. 111(2), pages 381-405.
  38. Xavier Giroud, 2010. "Soft Information and Investment: Evidence from Plant-Level Data," Working Papers 10-38r, Center for Economic Studies, U.S. Census Bureau, revised Nov 2010.
  39. Goto, Mika & Low, Angie & Makhija, Anil K., 2008. "Diversification, Productivity, and Financial Constraints Empirical Evidence from the US Electric Utility Industry," Working Paper Series 2008-3, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  40. E. Santarelli & H. T. Tran, 2013. "Diversification Strategies and Firm Performance: A Sample Selection Approach," Working Papers wp896, Dipartimento Scienze Economiche, Universita' di Bologna.
  41. Christian Espinosa & Carlos Maquieira, 2010. "Diversificación y Desempeño en Sud América: Evidencia para Chile," Working Papers 10, Facultad de Economía y Empresa, Universidad Diego Portales.
  42. McNeil, Chris R. & Moore, William T., 2005. "Dismantling internal capital markets via spinoff: effects on capital allocation efficiency and firm valuation," Journal of Corporate Finance, Elsevier, vol. 11(1-2), pages 253-275, March.
  43. Rodriguez-Duarte, Antonio & Sandulli, Francesco D. & Minguela-Rata, Beatriz & Lopez-Sanchez, Jose Ignacio, 2007. "The endogenous relationship between innovation and diversification, and the impact of technological resources on the form of diversification," Research Policy, Elsevier, vol. 36(5), pages 652-664, June.
  44. Minnick, Kristina, 2011. "The role of corporate governance in the write-off decision," Review of Financial Economics, Elsevier, vol. 20(4), pages 130-145.
  45. Hund, John & Monk, Donald & Tice, Sheri, 2010. "Uncertainty about average profitability and the diversification discount," Journal of Financial Economics, Elsevier, vol. 96(3), pages 463-484, June.
  46. Jiraporn, Pornsit & Kim, Young Sang & Davidson III, Wallace N., 2008. "Multiple directorships and corporate diversification," Journal of Empirical Finance, Elsevier, vol. 15(3), pages 418-435, June.
  47. Ahn, Seoungpil & Denis, David J., 2004. "Internal capital markets and investment policy: evidence from corporate spinoffs," Journal of Financial Economics, Elsevier, vol. 71(3), pages 489-516, March.
  48. Habib, Michel A. & Mella-Barral, Pierre, 2013. "Skills, core capabilities, and the choice between merging, allying, and trading assets," Journal of Mathematical Economics, Elsevier, vol. 49(1), pages 31-48.
  49. Owers, James E. & Lin, Bing-Xuan & Rogers, Ronald C., 2008. "Cross-border mergers and acquisitions using ADRs as consideration," International Review of Economics & Finance, Elsevier, vol. 17(2), pages 306-318.
  50. Agarwal, Sumit & Chiu, I-Ming & Souphom, Victor & Yamashiro, Guy M., 2011. "The efficiency of internal capital markets: Evidence from the Annual Capital Expenditure Survey," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(2), pages 162-172, May.
  51. Li, Xiaoyang, 2013. "Productivity, restructuring, and the gains from takeovers," Journal of Financial Economics, Elsevier, vol. 109(1), pages 250-271.
  52. Datta, Sudip & D'Mello, Ranjan & Iskandar-Datta, Mai, 2009. "Executive compensation and internal capital market efficiency," Journal of Financial Intermediation, Elsevier, vol. 18(2), pages 242-258, April.
  53. Ozbas, Oguzhan, 2005. "Integration, organizational processes, and allocation of resources," Journal of Financial Economics, Elsevier, vol. 75(1), pages 201-242, January.
  54. Martin Goetz & Luc Laeven & Ross Levine, 2011. "The Valuation Effects of Geographic Diversification: Evidence from U.S. Banks," NBER Working Papers 17660, National Bureau of Economic Research, Inc.
  55. Kolasinski, Adam C., 2009. "Subsidiary debt, capital structure and internal capital markets," Journal of Financial Economics, Elsevier, vol. 94(2), pages 327-343, November.
  56. Ekaterina Emm & Jayant Kale, 2006. "Efficiency Implications of Corporate Diversification: Evidence from Micro Data," Working Papers 06-26, Center for Economic Studies, U.S. Census Bureau.
  57. Susan Feinberg & Gordon Phillips, 2002. "Firm-Specific Resources, Financial-Market Development and the Growth of U.S. Multinationals," NBER Working Papers 9252, National Bureau of Economic Research, Inc.
  58. Christian Espinosa & Carlos Maquieira & Joao Paulo Vieito, 2012. "Does corporate diversication create value in south america? e chilean case," Working Papers 38, Facultad de Economía y Empresa, Universidad Diego Portales.
  59. Koeppl, Thorsten V. & MacGee, James C., 2009. "What broad banks do, and markets don't: Cross-subsidization," European Economic Review, Elsevier, vol. 53(2), pages 222-236, February.
  60. Ilan Guedj & David Scharfstein, 2004. "Organizational Scope and Investment: Evidence from the Drug Development Strategies and Performance of Biopharmaceutical Firms," NBER Working Papers 10933, National Bureau of Economic Research, Inc.
  61. Jain, Bharat A. & Kini, Omesh & Shenoy, Jaideep, 2011. "Vertical divestitures through equity carve-outs and spin-offs: A product markets perspective," Journal of Financial Economics, Elsevier, vol. 100(3), pages 594-615, June.
  62. Goldman, Eitan, 2004. "The impact of stock market information production on internal resource allocation," Journal of Financial Economics, Elsevier, vol. 71(1), pages 143-167, January.
  63. Paige Ouimet & Rebecca Zarutskie, 2011. "Acquiring Labor," Working Papers 11-32, Center for Economic Studies, U.S. Census Bureau.
  64. repec:hal:wpaper:hal-00598136 is not listed on IDEAS
  65. Arikan, Asli M. & Stulz, Rene M., 2011. "Corporate Acquisitions, Diversification, and the Firm's Lifecycle," Working Paper Series 2011-18, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  66. Wulf, Julie, 2009. "Influence and inefficiency in the internal capital market," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 305-321, October.
  67. Lee, Bong Soo & Li, Ming-Yuan Leon, 2012. "Diversification and risk-adjusted performance: A quantile regression approach," Journal of Banking & Finance, Elsevier, vol. 36(7), pages 2157-2173.
  68. Burch, Timothy R. & Nanda, Vikram, 2003. "Divisional diversity and the conglomerate discount: evidence from spinoffs," Journal of Financial Economics, Elsevier, vol. 70(1), pages 69-98, October.
  69. Filson, Darren & Olfati, Saman, 2014. "The impacts of Gramm–Leach–Bliley bank diversification on value and risk," Journal of Banking & Finance, Elsevier, vol. 41(C), pages 209-221.
  70. Xavier Giroud & Holger M. Mueller, 2012. "Capital and Labor Reallocation Inside Firms," NBER Working Papers 18592, National Bureau of Economic Research, Inc.
  71. Lin, Chen & Su, Dongwei, 2008. "Industrial diversification, partial privatization and firm valuation: Evidence from publicly listed firms in China," Journal of Corporate Finance, Elsevier, vol. 14(4), pages 405-417, September.
  72. Ushijima, Tatsuo, 2005. "Internal capital market and the growth and survival of Japanese plants in the United States," Journal of the Japanese and International Economies, Elsevier, vol. 19(3), pages 366-385, September.
  73. Asli M. Arikan & René M. Stulz, 2011. "Corporate Acquisitions, Diversification, and the Firm’s Lifecycle," NBER Working Papers 17463, National Bureau of Economic Research, Inc.
  74. Saoussen Ben Gamra & Dominique Plihon, 2011. "Revenue diversification in emerging market banks: implications for financial performance," Papers 1107.0170, arXiv.org.
  75. Nippa, Michael, 2011. "Zur Notwendigkeit des Corporate Portfolio Management: Eine Würdigung der wissenschaftlichen Forschung der letzten vier Jahrzehnte," Freiberg Working Papers 2011,02, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
  76. Xavier Giroud & Holger M. Mueller, 2013. "Capital And Labor Reallocation Inside Firms," Working Papers 13-22, Center for Economic Studies, U.S. Census Bureau.
  77. Almeida, Heitor & Wolfenzon, Daniel, 2006. "Should business groups be dismantled? The equilibrium costs of efficient internal capital markets," Journal of Financial Economics, Elsevier, vol. 79(1), pages 99-144, January.