Der mittel- und langfristige Erfolg von M&A-Aktivitäten wird ent-scheidend dadurch beeinflusst, inwieweit es gelingt, die Teile des neu entstehenden Unternehmens miteinander zu verbinden und zu einer geeigneten Organisation zusammenzufügen. Dies wird besonders durch das Schlagwort „structure...

In this paper studies the impact of diversification on naively constructed (randomly chosen and equally weighted) hedge fund portfolios.

Die Analyse von Einzeltiteln und -märkten braucht viel Zeit und Energie. Nur wenigen gelingt es, mit darauf basierenden Investitionen eine überdurchschnittliche Rendite zu erzielen. Für die meisten Investorenempfiehlt sich bei der Kapitalanlage eine breit abgestützte Strategie.(...)

We introduce a new discounted cash flow model which adopts the diversification effectof multi-business firms. We face two challenges: One is examining how different diversificationextents can affect the firm value due to risk reduction, and the other is modelingsegment-specific cash flows and...

When assets exhibit asymmetric dependence or joint downside risk, diversificationcan fail and financial markets may be prone to systemic risk. We analyze thedependence structure of risk factors in the US economy, using both correlations anda parsimonious set of copulas. We find evidence of...

The viability of international diversification involves balancing benefits and costs.This balance hinges on the degree of asset dependence. In light of theoretical researchlinking diversification and dependence, we examine international diversification usingtwo measures of dependence:...

International diversification has costs and benefits, depending on the degree of assetdependence. In light of theoretical research linking diversification and dependence, weexamine international diversification with two dependence measures: correlations andextreme dependence. We document several...

While the hypothesis that ownership concentration can aect the value of a company has seen a lotof empirical study, little light has been shed on a complementary problem, that these concentratedowners have a cost of their position due to an undiversified portfolio. Using a unique data set ofthe...