Diversification,vertical integration,and industry analysis: New perspectives and measurement

Vertical integration, diversification, and industry analysis are fundamental topics in strategic management content research. We develop the conceptualization of these issues by exploring their nature as well as their correct measurement. Toward these ends, we conduct an extensive analysis of the COMPUSTAT II data base and the TRINET data base in all three research contexts. In addition to these two data bases, we also evaluate the Census of Manufacturers, S&P's Financial Dynamics, S&P's Industry Surveys and Dun and Bradstreet's Industry Norms and Key Business Ratios, for purposes of industry analysis. Important contributions include our identification of the potential of COMPUSTAT 11 data to distinguish within-stage forward and backward vertical integration, and between-stage forward and backward vertical integration, as well as our recommendations for the protection of the integrity of studies based on the COMPUSTA T II and TRINET data bases.     

Diversification,restructuring and economic performance

During the 198Os, many conglomerates and other diversified firms reduced their diversification by refocusing on their core businesses. This paper provides an economic explanation for this phenomenon and empirically tests the hypotheses that emerge from the analysis. It is shown that refocusing is associated ex post with Profitability improvements.     

Bankruptcy risk,firm-specific managerial human capital,and diversification

This paper proposes a model in which firm diversification acts as an efficient form of nonpecuniary compensation for the manager. In the model diversification rewards the manager by reducing the likelihood of bankruptcy which in turn increases the expected value of his firm-specific human capital. Unlike the principal-agent model of diversification, this model shows that diversification may be optimal even if the manager is risk neutral and his behavior can be observed by firm owners.I thank Nasser Arshadi, Susan Feigenbaum, David Hakes, Thomas Ireland, Roger Sherman, and Robert Sorensen for their comments and suggestions.     

Geographic versus industry diversification: Constraints matter

This research addresses whether geographic diversification provides benefits over industry diversification in the Eurozone. Our contribution is to show that in the absence of constraints, no empirical evidence is found to support the argument that geographic diversification dominates industry diversification, except in the euro subperiod. With short-selling constraints, however, the tangency portfolio of geographic diversification is not attainable by industry diversification. In out-of-sample geographic minimum variance portfolios outperform industry portfolios in economic terms, although we cannot establish statistical significance.     

多元化经营、财务弹性与企业价值——以粤泰集团为例

经济环境不稳定性加剧,保有一定水平的财务弹性对多元化企业实现价值具有重要意义。本文从房地产多元化出发,分析了房地产财务弹性的内涵、来源、影响因素,构造房地产企业多元化经营,财务弹性与企业价值间的互动机制,得出对其资本结构决策、投资决策、分配政策、运营管理决策的影响,并结合粤泰集团的多元化进行实例论证,为房地产多元化经营的战略决策及风险控制提供指导。     

Does diversification add firm value in emerging economies? Effect of corporate governance

Using 205 Taiwanese firms spanning five years, this research examines how corporate governance factors specific to emerging economies determine the extent of diversification and moderate its performance. The analyses reveal that controlling family ownership is significantly associated with a greater extent of diversification, which impairs firm value. Conversely, domestic bank ownership significantly decreases diversification, which in turn increases diversification performance. These findings present the evidence of controlling family entrenchment through diversification and the significant role domestic banks play in the principal–principal corporate governance framework.     

我国民间金融发展中存在的问题及对策建议

民间金融是指个人、家庭、企业之间通过绕开官方正式的金融体系而直接进行的、尚未纳入政府监管范围的、未取得合法地位的金融交易活动。民间金融在支持民营经济发展,促进农村经济发展中发挥了积极作用,但在其发展过程中还存在着一些问题。本文分析了我国民间金融存在的问题,并提出了对策建议。     

Portfolio diversification and value at risk under thick-tailedness†

This paper focuses on the study of portfolio diversification and value at risk analysis under heavy-tailedness. We use a notion of diversification based on majorization theory that will be explained in the text. The paper shows that the stylized fact that portfolio diversification is preferable is reversed for extremely heavy-tailed risks or returns. However, the stylized facts on diversification are robust to heavy-tailedness of risks or returns as long as their distributions are moderately heavy-tailed. Extensions of the results to the case of dependence, including convolutions of α-symmetric distributions and models with common shocks are provided.     

《管理沟通》课程多元化教学方法应用与教学效果提升

管理沟通是一门理论和实践并重的技能型课程,课程教学的重点在于使学生了解职场沟通规律和方法,掌握沟通的技巧,培养职业素质,从而提升个人沟通的能力.本科阶段开设该课程采用多元化教学方法的研究和实践尚处于起步阶段.本文通过采用多元化教学方法,利用理论和实践巧妙结合,多种教学方法交替运用,使学生不仅掌握其理论,而且又能在实践中灵活运用,以此调动学生学习和参与课程的积极性,从而提升教学效果.     

Does diversification promote systemic risk?

We measure systemic risk when faced with simulated shocks through the systemic model of banking originated losses. The formation mechanism of systemic risk is explored from the perspective of investment diversification and asset similarity. The results indicate that contagion risks formed by the over similarity of investment assets are the main cause of systemic risk. The similarity generally promotes contagion risks, however, it shows a double-faced effect for state-owned commercial banks that disperse shocks from counterparties through their too-big-to-fail advantages. The similarity is determined by diversification, which initially promotes similarity and disperses it after a threshold. The diversification acts on the contagion process of systemic risk by the mediation of the similarity. Therefore, diversification generally has a nonlinear impact on systemic risk. The results provide regulatory implications for the systemic stability of the banking system.