Internal Capital Allocation and Stock Returns

摘要：

Do conglomerate firms that actively allocate resources across business segments perform better than those that maintain a stable capital allocation over time? We introduce a simple measure of changes in capital allocation across segments, and document that firms that actively shue resources around have lower industry-adjusted profitability and valuation levels. Moreover, we find that these firms obtain lower excess stock returns in subsequent periods. This return dierential cannot be explained by dierences in size, book-to-market, momentum, industry return or firm fundamentals such as growth rates, diversity in investment opportunities, and financial distress risk.

作者: Ilan Guedj Jennifer Huang Johan Sulaeman

作者单位: McCombs School of Business, University of Texas at Austin Cox School of Business, Southern Methodist University

会议类型: 国际会议

会议名称: 2009年中国金融国际年会

会议地点: 广州

会议语种:英文

页码: 1-39

在线出版日期: 2009-07-07（万方平台首次上网日期，不代表论文的发表时间）