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1、本份文档包含：关于该选题的外文文献、文献综述一、外文文献标题:Theeffectsofinstitutionalownershiponthevalueandriskofdiversifiedfirms作者:MohammadJafarinejada,SurendranathR.Joryb,ThanhN.Ngoc,期刊:InternationalReviewofFinancialAnalysis(Volume402015):207-219年份:2015Theeffectsofinstitutionalownershiponthevalueandrisk
2、ofdiversifiedfirmsAbstractWestudythelinkbetweeninstitutionalownershipandfirms'diversificationstrategy,valueandrisk.OursampleincludesUS-listedfirmswithsegmentdatafrom1998to2012.Wefindthatnotallkindsofdiversificationarevalue-destroying;unlikeindustrially-diversifiedfirms,globals
3、ingle-segmentfirmsaretradingatapremiumrelativetotheirimputedvalue.Thepresenceofinstitutionalinvestorsandthestabilityoftheirshareholdingspositivelyinfluencethelikelihoodthatafirmisdiversified.Theproportion(volatility)ofinstitutionalownershipishigher(lower)amongdiversifiedfirmsc
4、omparedtodomesticsingle-segmentfirms.Moreimportantly,thehighertheproportionsofinstitutionalshareholdings,thehighertheexcessvalueofthediversifiedfirmandthelowerthefirmidiosyncraticrisk.Institutionalownershipvolatility,ontheotherhand,isinverselyrelatedtoafirmexcessvaluebutpositi
5、velyrelatedtoitsidiosyncraticrisk.Thus,thepresenceoflong-termstableinstitutionalinvestorsenhancesthevalueofdiversifiedfirms.Ourfindingsremainrobusttovariousmodelspecificationsandestimationtechniques.Keywords:Institutionalownership; Corporatediversification; Diversificationdisc
6、ount; 1.IntroductionTheeffectofdiversificationonfirmvaluecontinuestoattractconsiderableresearchinterest.Therearetwomaintypesofdiversification:product-andgeographicdiversification(Vachani,1991 and Martin,2008).Productdiversificationreferstothedegreetowhichfirmsareinvolvedindiff
7、erentindustries(werefertothemasbusinesssegments).Geographicdiversificationreferstotheextenttowhichfirmsareinvolvedindifferentcountries(werefertothemasgeographicsegments). Bodnar,Tang,andWeintrop(1997) findthatglobaldiversificationisassociatedwithhigherfirmvalue.Incontrast, Den
8、is,Denis,andYost(2002) findthatdiversificationdecreasesfirmva
