【光华讲坛】Is There a Diversification Discount? A Re-examination
主题：Is There a Diversification Discount? A Re-examination
主讲人：澳大利亚国立大学Xianming Zhou副教授
主持人：hy5902海洋之神 肖伟副教授
时间：2018年11月23日（周五）下午13:55—15:30
地点：西南财经大学柳林校区颐德楼H412室
主办单位：经济与管理研究院 科研处
主讲人简介：
Xianming Zhou博士为澳大利亚国立大学金融学副教授，研究领域包括公司金融、资本市场等。已在Journal of Financial and Quantitative Analysis, International Review of Finance, Journal of Banking and Finance, Journal of Corporate Finance等国际知名期刊发表多篇论文。
内容提要：
The standard approach in the research of the diversification discount is to examine the excess value estimated from a valuation multiple. The excess value metric has two distinct properties: (1) a segment-size effect due to the link of the multiple to segment size; and (2) an imputed-value uncertainty effect due to the concavity of the excess value function. We first analyze fake conglomerates that are formed from randomly drawn pure-play firms to verify these two effects. Whereas involving no business diversification, these two effects are unusually strong. We then reexamine the diversification discount using real firm data. In a standard empirical framework, we show that the diversification discount disappears after controlling for segment size and imputed value uncertainty.
