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A market-based approach to identify conglomerates
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Resumo(s)
The paper takes on a marked-based approach and createsa model to classifywhichindustries a particularcompany participates in.Themarked-basedclassificationiscompared with company reported accounting-based segmentsto look fordiscrepancies.My main result is that there is a significant discrepancy.Finally, the model is appliedto try to predict reported entrances in new industries andto studywhetherthe diversification discountchanges when themarked-based approachis used. It is not possible to infer anything specificfrom the prediction analysis, but the diversification discount decreases when the market-based approach is applied.
Descrição
Palavras-chave
Corporate diversification Industry reporting Efficient market hypothesis Conglomerates