政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/117570

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 113648/144635 (79%)
Visitors : 51617495 Online Users : 520

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

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

Files in This Item:

File	Description	Size	Format
Chenetal2011.pdf		191Kb	Adobe PDF2	364	View/Open

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

Loading...