This paper examines the valuation effects of earnings and book values on security prices of the airline companies under two different market structures: the regulated and the deregulated periods. In regulated markets, and under the cost recovery plus adequate rate of return on assets, security...

This paper examines the effect of geographic and industrial diversification on firm value for a sample of over 20,000 firm-year observations of U.S. corporations from 1987-1993. Our" multivariate tests indicate the average value of a firm with international operations is 2.2% higher than...