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“Is There a Diversification Discount? A Re-examination” by Dr. Xianming Zhou
14Nov

“Is There a Diversification Discount? A Re-examination” by Dr. Xianming Zhou

Wednesday, 14 November 2018 | 2:30 p.m. - 4:00 p.m.
Room 1121, K.K.Leung Building, HKU
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Finance Seminar
Author:
  • Xianming Zhou
    The Australian National University

 

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.

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“Is There a Diversification Discount? A Re-examination” by Dr. Xianming Zhou
Wednesday, 14 November 20182:30 p.m. - 4:00 p.m.
Room 1121, K.K.Leung Building, HKU
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