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Managerial discretion and efficiency of internal capital markets
(Elsevier, 2021-10)
I use the staggered adoption of state-level antitakeover laws to provide causal evidence that managerial agency problems reduce the allocative efficiency of conglomerate firms. I find that increases in control slack following ...
Product market competition and the value of diversification
(Elsevier, 2023-12)
I 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 ...
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