institutional investors and managers affect firm performance non- linearly, after controlling for observed firm characteristics and …

By a well-known argument, securities holders do not directly benefit from risk-reducing corporate diversification when … they can replicate this difersification on their own. Some have argued that corporate diversification may be of value, or … can otherwise be explained by, the agency relationship between securities holders and managers. We argue that the value of …

managers would look at and manage biodiversity. Probably the most surprising and provocative finding is that it may be assumed … that portfolio managers would conserve more species than appears appropriate from the way the situation is usually viewed …

, favoring an agency explanation for unrelated diversification. In the 1960s, however, conglomerates were not valued at a … discount. Evidence from acquisition histories suggests that conglomerate diversification may have added value by creating …

The industrial diversification of cities is explained without imposing linkages among industries. In each of two city … diversification. …

.g. tourism, mining, timber processing, etc). The promotion of diversification of activities may be an important component of …

. The advantage to the earlier efficiency tests is that the proposed approach explicitly accounts for diversification …. Allowing for diversification can both improve the power of the empirical SD tests, and enable SD based portfolio optimization …