投資人辨識度可以解釋多角化『折價』嗎？;Does Investor Recognition Explain the Diversification “Discount”?

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题名:	投資人辨識度可以解釋多角化『折價』嗎？;Does Investor Recognition Explain the Diversification “Discount”?
作者:	李韋憲
贡献者:	國立中央大學財務金融學系
关键词:	財政（含金融;保險）
日期:	2013-12-01
上传时间:	2014-03-17 14:05:59 (UTC+8)
出版者:	行政院國家科學委員會
摘要:	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.
關聯:	財團法人國家實驗研究院科技政策研究與資訊中心
显示于类别:	[財務金融學系] 研究計畫

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