Explaining the diversification discount Campa, Jose Manuel; Kedia, Simi

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Campa, Jose Manuel ; Kedia, Simi
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Journal of Finance
Financial Management; Econometric models -- Analysis; Financial Systems & Controls
Three alternative econometric techniques are used to control for the endogeneity of the diversification decision, and to find evidence for supporting the self-selection of diversifying firms. However, a negative correlation is found between a firm's choice to diversify and firm value.
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