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“Homemade†Diversification vs. Corporate Diversification

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  • West, Richard R.

Abstract

In a recent article in this Journal, Jacob B. Michaelson and Robert C. Goshay (hereafter M-G) argue that the rule of maximizing share values does not adequately explain the portfolio selection practices of financial intermediaries. Moreover, M-G suggest that their analysis “has ramifications that reach far beyond financial intermediaries.†In particular, they state that “the asset holdings of conglomerate firms and the rationale for mergers may not be fully explicable in terms of maximizing behavior.â€

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  • West, Richard R., 1967. "“Homemade†Diversification vs. Corporate Diversification," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 2(4), pages 417-420, December.
    • Handle: RePEc:cup:jfinqa:v:2:y:1967:i:04:p:417-420_01
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    Cited by:

    1. Benita, Francisco & López-Ramos, Francisco & Nasini, Stefano, 2019. "A bi-level programming approach for global investment strategies with financial intermediation," European Journal of Operational Research, Elsevier, vol. 274(1), pages 375-390.
    2. Park, Sungbeen & Song, Sujin & Lee, Seoki, 2017. "Corporate social responsibility and systematic risk of restaurant firms: The moderating role of geographical diversification," Tourism Management, Elsevier, vol. 59(C), pages 610-620.

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