Şahin, Cansu İskenderoğlu2023-11-062023-11-062023-121544-6123http://hdl.handle.net/10679/8930https://doi.org/10.1016/j.frl.2023.104049I examine how industry concentration affects the value of diversification. I find that con- glomerates that operate mainly in concentrated industries (concentrated conglomerates) have higher diversification values. Using tariff reductions as competitive shocks, I show that concentrated conglomerates experience significant decline in their valuations and respond aggressively to threats in less-competitive industries.engopenAccessAttribution-NonCommercial-NoDerivs 4.0 Internationalhttps://creativecommons.org/licenses/by-nc-nd/4.0/article5800107218220000110.1016/j.frl.2023.104049DiversificationDiversification discountProduct market competitionTariff reduction2-s2.0-85163306005