This paper studies how investors responded when Chinese regulators required a group of large, publicly traded companies to divest their non-core hotel and real
At any point in time a firm faces three restructuring choices: diversify, refocus, or do nothing. This study analyzes the causes and the consequences of these a
Diversified firms trade at a discount relatively to similar single-segment firms. We argue in this paper that this observed discount is not per se evidence that
This paper identifies a key cause for the documented diversification discount, namely diversified firms being traded at a discount relative to focused firms. We
