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dc.contributor.authorAndrés Alonso, Pablo de
dc.contributor.authorFuente Herrero, Gabriel de la 
dc.contributor.authorVelasco González, María del Pilar
dc.date.accessioned2017-12-03T17:26:45Z
dc.date.available2017-12-03T17:26:45Z
dc.date.issued2017
dc.identifier.citationJournal of Corporate Finance, vol. 43, abril 2017, p. 316–339es
dc.identifier.issnISSN: 0929-1199es
dc.identifier.urihttp://uvadoc.uva.es/handle/10324/27516
dc.descriptionProducción Científicaes
dc.description.abstractThis paper analyzes whether the valuation effect of corporate diversification depends on how this strategy is implemented. According to the real options approach, two extreme diversification patterns may be identified: one based on full exercise of available options (an assets-in-place diversification), and another aimed at seeding multiple growth options in subsequent businesses (options-based diversification). We propose an index to approximate the distance to these two diversification patterns and we explore its impact on firms’ value for a sample of U.S. firms during 1998-2010. We find that as a firm’s diversification approaches an options-based pattern, it becomes a more value-enhancing strategy.es
dc.format.mimetypeapplication/pdfes
dc.language.isoenges
dc.publisherElsevieres
dc.rights.accessRightsinfo:eu-repo/semantics/openAccesses
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectEmpresas-Finanzases
dc.subject.classificationCorporate Financees
dc.subject.classificationCorporate diversificationes
dc.subject.classificationgrowth opportunitieses
dc.subject.classificationfirm valuees
dc.subject.classificationinvestment strategyes
dc.subject.classificationself-selectiones
dc.titleDoes it really matter how a firm diversifies? Assets-in-place diversification versus options-based diversificationes
dc.typeinfo:eu-repo/semantics/articlees
dc.rights.holderThe authors (Pablo de Andrés, Gabriel de la Fuente and Pilar Velasco)es
dc.identifier.doihttp://dx.doi.org/10.1016/j.jcorpfin.2017.01.011es
dc.relation.publisherversionhttp://www.sciencedirect.com/science/article/pii/S0929119917300640?via%3Dihubes
dc.identifier.publicationfirstpage316es
dc.identifier.publicationissueabriles
dc.identifier.publicationlastpage339es
dc.identifier.publicationtitleJournal of Corporate Financees
dc.identifier.publicationvolume43es
dc.peerreviewedSIes
dc.description.projectFinancial support was received from the Spanish Ministry of Education (FPU Programme), the Regional Government of Castilla y León (Ref. VA 260 U14), the Regional Government ofMadrid and European Social Fund (Ref. EARLYFIN, S2015/HUM-3353), and the Spanish Ministry of Economy and Competitiveness (Ref. ECO2014-56102-P and ECO2016-77631-R)es
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International


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