Goto, Mika (contributor); Low, Angie (contributor); … - 2008 - This Version: February 28, 2008
. Diversification appears to provide an alternative channel
to divert investment dollars away from overinvestment in the core electric …-productivity relationship. When managers have relatively more resources than
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investment opportunities, the diversification … free cash flow
relative to investment opportunities is greater than expected. Similarly, there are competing explanations …