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Resource allocation wiyhin firms and financial market dislocation : evidence from diversified conglomerates

We argue and demonstrate that resource allocation within firms' internal capital markets provides an important force countervailing financial market dislocation. We estimate a structural model of internal capital markets to separately identify and quantify the forces driving the reallocation decision and illustrate how these forces interact with external capital market stress. The weaker (stronger) division obtains too much (little) capital, as though it is 12% (9%) more (less) productive than it really is. Out-of-sample simulated data are consistent with the actual data showing that internal capital markets offset financial market stress during the recent financial crisis by 16%?30%. .Printed Journal, baca ditempat

Ketersediaan

Call NumberLocationAvailable
TRFS2704PSB lt.dasar - Pascasarjana1
Penerbit The Society of Financial Studies.,
Edisi -
Subjek Investment
Capital
Diversification
Financial crises
Capacity
Intertemporal firm choice and growth
or Financing
Corporate finance and governance
Business objectives of the firm
Firm performance: size
and scope
ISBN/ISSN 8939454
Klasifikasi -
Deskripsi Fisik -
Info Detail Spesifik -
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