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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/117570

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/117570

Title:	Inefficient Investment and the Diversification Discount: Evidence from Corporate Asset Purchases
Authors:	陳聖賢 Chen, Sheng-Syan Chen, I-Ju
Contributors:	財管系
Keywords:	asset purchases;diversification;inefficient investment hypothesis;endogeneity
Date:	2011
Issue Date:	2018-06-11 18:06:37 (UTC+8)
Abstract:	We provide evidence that investment efficiency considerations are important in assessing changes in firm value surrounding asset purchases. We account for both the potential endogeneity in purchase decisions and the measurement error in Tobin`s q. We find that post‐purchase, there are significant declines in both excess value and investment efficiency. This trend occurs primarily among those firms that demonstrate increased diversity following purchases. The change in excess value for diversity‐increasing buyers is positively related to the change in investment allocation surrounding the purchase.
Relation:	Journal of Business Finance and Accounting, Vol.38, No.7&8, pp.887-914
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1111/j.1468-5957.2011.02251.x
DOI:	10.1111/j.1468-5957.2011.02251.x
Appears in Collections:	[財務管理學系] 期刊論文

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