We directly test the impact of increases in global and industrial diversification on firm value and operating performance. Our sample represents 194 US firms that acquired foreign companies during 1985-1998. Announcement period returns are significantly positive for the acquirers. Acquirer firms with fewer growth opportunities, as measured by Tobin's q, create more value than do firms with more growth opportunities. Announcement-period returns and changes in operating performance are lower for firms that increase their global, industrial, or both forms of diversification.
Work by Richard Vedder has questioned whether spending more on higher education necessarily provides larger returns for the local economy. Vedder's work has found that states with higher spending on colleges and universities often fail to have faster economic growth than states with lower spending, even after controlling for differences in other key variables. However, a project by the Massachusetts Institute of Technology (MIT), in conjunction with the University of Cambridge in the UK, has revealed that the role of universities as a public forum for discussing ideas and as a platform for creating opportunities for firms to apply new technologies to their businesses can be significant. The nature of the industrial transformation in the local economy in large part defines what the best ...
...* Diversification into related industries. In this case, an existing...
Recent years have seen increased attention given to the real estate investment opportunities available from the non-traditional real estate sectors such as self-storage, healthcare, and other specialty real estate sectors. In particular, these non-traditional real estate sectors in equity REITs currently account for over $43 billion in 23 REITs, representing 14.5% of the equity REIT sector market capitalization. This paper will assess the performance of these non-traditional real estate sector REITs compared to traditional sector REITs from 1994:Q1 through 2005:Q3. In particular, their risk-adjusted performance and portfolio diversification benefits will be compared to the more traditional REIT sectors (office, retail, industrial, residential, etc.) and to real estate, stocks, and bonds...
Explanations typically include the weather, lack of opportunity for college graduates - especially with the problems of Michigan's traditional industry base - and Michigan's slow industrial diversification and investment in highwage, high-tech, information industry jobs that young people move to Seattle, Chicago, Silicon Valley, New York, Atlanta and other parts west and south to find.
... actions to change the local mix of industrial, commercial, and service sectors, or the mix of bu...
LONDON, July 6 /PRNewswire/ -- The Russian fire safety market is steadily growing, with market participants offering increasingly sophisticated and high-quality equipment at competitive rates. The impressive growth of the industrial sector, along with the government's economic diversification strategies and improvement of quality, has buttressed the domestic market's efforts to overcome effects of the recent economic slowdown on the construction sector. (Logo: http://photos.prnewswire.com/prnh/20081117/FSLOGO)
The objective of this paper is to examine the short and long-term relationships between the seven developed equity markets of United-States, Canada, United-Kingdom, France, Germany, Italy, Japan and three Central European emerging equity markets of Czech-Republic, Hungary and Poland in order to study their implications on the potential gains from international diversification in these emerging markets. The short-term relationships measured by the correlation matrix indicate a lower level of correlation between developed and emerging equity markets of Central Europe. In order to carry out the long-term relationships we resorted to Johansen cointegration techniques recently developed. The tests show that there is no long-term relationship between G7 developed equity markets and Central Eu...
... is considerable for investors of industrial countries in emerging markets. Other recent studie...
Federal of Tax Administrators, electronic data interchange The Federation of Tax Administrators Task Force on Electronic Data Interchange (EDI) Audit and Legal Issues for Tax Administration is working on a report designed to address audit issues raised by the increased use of EDI. Electronic communications and industrial diversification have made business communications and record-keeping more complex, taxing the ability of EDI to provide standards for such communications. The work groups developed by the Task Force are addressing the concerns of auditors and state tax officials raised by auditing electronic records.
... significantly to Saudi Arabia's industrial diversification. The planned product portfolio wil...
The objective of this paper is to examine the short and long-term relationships between the seven developed equity markets of United-States, Canada, United-Kingdom, France, Germany, Italy, Japan and three Central European emerging equity markets of Czech-Republic, Hungary and Poland in order to study their implications on the potential gains from international diversification in these emerging markets. The short-term relationships measured by the correlation matrix indicate a lower level of correlation between developed and emerging equity markets of Central Europe. In order to carry out the long-term relationships we resorted to Johansen cointegration techniques recently developed. The tests show that there is no long-term relationship between G7 developed equity markets and Central Eu...
... is considerable for investors of industrial countries in emerging markets. Other recent studie...
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