【光华讲坛】Is There a Diversification Discount? A Re-examination
主题：Is There a Diversification Discount? A Re-examination
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。
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.