Essays about: "Diversification discount"

Showing result 1 - 5 of 7 essays containing the words Diversification discount.

1. 1. Closed-End Funds and their Net Asset Value over time : A study of the relationship between Swedish closed-end funds' market prices and their underlying assets over a period of time.

   University essay from Jönköping University/IHH, Nationalekonomi

   Author : Erik Cederberg; Linus Schnitzer; [2020]
   Keywords : Closed-end fund; Net Asset Value; Mean Reversion; Closed-end fund discount; Stock market; Investment strategy; Cointegration; Error Correction;

   Abstract : Closed-end funds (CEFs) are popular investments amongst the Swedish population as they provide diversification to investors and have in many cases historically outperformed the market. In deciding whether to invest in a CEF, the method of valuation differs from classical financial ratios used to value most companies, as the revenue-bringing operations differ significantly. READ MORE

3. 2. The influence of Diversification and M&A Accounting on Firm Value

   University essay from Uppsala universitet/Företagsekonomiska institutionen

   Author : Ward D. Wolters; [2016]
   Keywords : Diversification; Firm Value; Mergers Acquisitions; Multinationals;

   Abstract : Using a sample of 45,283 firm year observations between 1993–2012, I examine the influence of different types of diversification and M&A accounting on firm value. I find that there are different explanations for earlier variations among documented discounts. I find different value effects for geographical and industrial diversification. READ MORE

4. 3. The Diversification Discount in the Oil and Gas Industry: Marathon Corporation Downstream Demerger Case Study

   University essay from Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

   Author : Nikita Lebedev Lundvall; Filip Nilsson; [2012]
   Keywords : Diversification discount; Bipartite structure; Specialization; Demerger; Marathon Oil;

   Abstract : This paper examines the success and implications of a decision by Marathon Corporation to spin-off its downstream assets from the upstream counterpart in early 2011. It is found that due to recent developments in the oil and gas industry and risk profile differences in the upstream and downstream firm, the demerger has led each firm to unlock hidden shareholder value and specialize to mitigate the effect of a diversification discount. READ MORE

5. 4. The Effect of Functional Diversification on Financial Conglomerates: Evidence from European Countries

   University essay from Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

   Author : Oskars Cimermanis; Janis Pastars; [2011]
   Keywords : Financial Conglomerates; Functional Diversity; Bank Valuation; Economies of Scope; Diversification Discount;

   Abstract : The purpose of this paper is to re-examine the diversification effect within banking industry and to check how it has been affected after the late-2000s financial crisis. The paper focuses exclusively on activity or function based diversification and evaluates how it affects market valuations of banks. READ MORE

6. 5. Internal Capital Markets and Company Value

   University essay from Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

   Author : Anders Danielsson; Mikael Salenstedt; [2007]
   Keywords : Internal capital market; Diversification discount; Conglomerate; Company group; Herfindahl;

   Abstract : Ever since the first conglomerates were formed in the 1920ies, researchers have examined advantages and disadvantages of conglomeration, and if it creates or destroys shareholder value. The purpose of this thesis is to examine how variables that are descriptive for internal capital markets, one of the main features of conglomerates, affect the market value of Swedish company groups. READ MORE