English  |  正體中文  |  简体中文  |  Items with full text/Total items : 74010/74010 (100%)
Visitors : 24642959      Online Users : 400
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version

    Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/62853

    Title: 投資人辨識度可以解釋多角化『折價』嗎?;Does Investor Recognition Explain the Diversification “Discount”?
    Authors: 李韋憲
    Contributors: 國立中央大學財務金融學系
    Keywords: 財政(含金融;保險)
    Date: 2013-12-01
    Issue Date: 2014-03-17 14:05:59 (UTC+8)
    Publisher: 行政院國家科學委員會
    Abstract: 研究期間:10208~10307;There is a long debate in the literature whether the diversification discount exists. In this project, I argue that the investor recognition is the key driver for the illusionary diversification discount. Merton (1987) proposes a model with incomplete information in which idiosyncratic risk would be priced for stocks with low investor recognition. I posit that the units within the conglomerate firms stay in the conglomerates to enjoy a higher investor recognition level which cannot be achieved if they were standalone firms. Investor recognition can answer the following three questions: (1) Why diversified firm seemingly traded at discount? (2) Why the targets in acquisitions are discounted before the acquisitions? (3) Why spin-offs seemingly increase the excess value? If failing to account for the investor recognition generates most of the illusionary discount documented in the literature, a much careful examination on whether diversification is value increasing or decreasing would be desired.
    Relation: 財團法人國家實驗研究院科技政策研究與資訊中心
    Appears in Collections:[財務金融學系] 研究計畫

    Files in This Item:

    File Description SizeFormat

    All items in NCUIR are protected by copyright, with all rights reserved.

    社群 sharing

    ::: Copyright National Central University. | 國立中央大學圖書館版權所有 | 收藏本站 | 設為首頁 | 最佳瀏覽畫面: 1024*768 | 建站日期:8-24-2009 :::
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 隱私權政策聲明