Both revenues and earnings of diversified firms are increasingly being reported, to the government and the public, on a subentity basis. Adequate criterial foundations do not exist to permit the effective general prescription of specific segment delineations, nor is it known whether such criterial assists can be usefully developed.Demands for segmentation in financial reports are currently intense. Actual reporting practices are largely nonstandardized as to either the definition of segments employed or, the disclosure modes used to present them. Neither conceptual nor theoretical supports are now adequate in guidance to the forms and levels of segmentation activity now required. Prerequisite to effective development of such supports is an-adequate understanding of the corporate diversification phenomenon itself. This dissertation project investigates and analyzes the nature of corporate diversification, as manifested in (1) its historical evolution; (2) general comprehensions of the phenomenon, as evidenced in published opinions and conceptual reasoning schemes of both authoritative experts and lay investors; and (3) formal research by others. Additionally, the results of these investigations and analyses are developed into conceptual schemes and theoretical frameworks, at moderate levels of abstraction.

Corporate diversification is a core topic in Financial Economics. The desire to better understand why a firm elects to diversify as opposed to increase in scale is the motivation of this dissertation. To accomplish this goal I test a number of dynamic models of corporate diversification, with similar predictions, to better understand the dynamic choice to diversify. I find that several previously untested models do indeed provide insight as to why a firm would diversify (Essay One). In particular two firm traits, firm talent which I use the proxy of organization capital and asset specificity which I use the proxy of asset tangibility, are strongly related to propensity of the firm to engage in corporate diversification for the first time. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2015 / FAU Electronic Theses and Dissertations Collection

Thesis (M.S.)--Massachusetts Institute of Technology, Alfred P. Sloan School of Management, 1981. / MICROFICHE COPY AVAILABLE IN ARCHIVES AND DEWEY. / Bibliography: leaves 336-339. / by Josephine S. Jimenez. / M.S.

University of Macau / Institute of Chinese Medical Sciences

Not available / text

In recent years the three Prairie Pools have actively expanded their primary operations to include a number of investments both within and outside of the agricultural sector. The Pools' investment strategies are economically interesting because they are being pursued within the context of a co-operative organizational structure which requires that the users of the cooperative business also own, control, and benefit from its operations. This thesis examines the possible economic incentives agricultural co-operatives may have to invest in vertically integrated and diversified activities using the case of the Western Canadian co-operative elevator companies as an example. The analysis undertaken in this thesis is structured in two ways. First, the economic literature regarding co-operative formation and conventional firm expansion is surveyed. This analysis suggests that an important difference between vertically integrated investments and diversified investments is that they are motivated by the realization of distincly different sets of economic benefits for the co-operative firm and its members. It is argued that co-operative vertical integration can convey benefits to members indirectly through the market, in the form of increased producer margins and improved market access. However, these benefits may not impact the "bottom line" of the co-operative firm. Diversification can, on the other hand, provide a co-operative with direct monetary benefits in the form of improved financial performance and increased profits, which can translate into increased patronage refunds available to members. The second component of this analysis involves the development of a simulation model to examine the implications of an additional hypothesis proposed to explain co-operative expansion. The proposed hypothesis is based on the notion that perhaps the indirect market benefits from cooperation and co-operative expansion are being undervalued. This undervaluation can result in a preoccupation with the monetary benefits from co-operative business, and may therefore cause a bias towards diversified investments. The model developed in this thesis illustrates that, although such a bias may improve a co-operative's rate of return, it may also result in significant opportunity costs for agricultural producers due to a decrease in a co-operative's pro-competitive effect on primary markets.

There are two key observations in international macroeconomics which pertain to output and real exchange rate dynamics. First, fluctuations in national output around its long-run growth path are very persistent. Second, fluctuations in real exchange rates are very persistent. The sticky price framework offers an explanation for both phenomena. The first and second essay of this thesis take an empirical approach to test the predictions of this framework. In the first essay I test the prediction of the sticky price model for output dynamics using annual IFS data on 51 countries over the period 1950 -1996. The model predicts that price stickiness should be less important in high inflation countries and therefore output fluctuations less persistent. I find that, this inverse relationship is statistically insignificant in the international data. A similar result holds for OECD countries. In the empirical implementation I explicitly control for the within-country time variation in inflation by first characterizing the inflationary environment using the long-run movements in inflation (trend inflation), and secondly, by excluding episodes of hyperinflation. The analysis shows that when the within-country time variation in inflation is ignored, there is support for the prediction. For instance, the inverse relationship between persistence in deviations of output from its long-run growth path and average inflation is statistically significant in the full sample. However, the exclusion of a few episodes of hyperinflation renders this relationship statistically insignificant. In the second essay I investigate the prediction of the sticky price model for real exchange rate dynamics using annual IFS data on 49 countries over the period 1972-1996. The model predicts that deviations of real exchange rates from purchasing power parity should be less persistent, in high inflation countries. The empirical analysis reveals that the support for such an inverse relationship is extremely fragile. In particular, eliminating episodes of hyperinflation renders this relationship statistically insignificant. The lack of evidence in favour of the two predictions of the sticky price model is problematic since this model is extensively used as a microfoundation for understanding output and real exchange rate fluctuations. In the third essay I take a structural approach to qualitatively explore the role of slow diffusion of new products in propagating the effect of technology shocks on output. I present a multi-sector dynamic general equilibrium model in which the creation of new products requires real resources. These products are beneficial for the economy but only upon complete diffusion. However, this diffusion is not instantaneous. I find that relative to a model in which there is instantaneous diffusion of new products, the qualitative output dynamics are similar to what is observed in the U.S. data. This warrants further quantitative investigation.

Diss. Linköping : Univ.

Thesis (Ph. D.)--University of Texas at El Paso, 2008. / Title from title screen. Vita. CD-ROM. Includes bibliographical references. Also available online.

Thesis (Ph. D.)--Harvard University, 1999. / Includes bibliographical references (leaves 179-185).