The Dark Side of Internal Capital Markets II: Evidence from Diversified Conglomerates
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This paper is an empirical examination of capital allocation in a sample of 165 diversified" conglomerates in 1979. I find that divisions in high-Q manufacturing industries tend to invest" less than their stand-alone industry peers, while divisions in low-Q manufacturing industries tend" to invest
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美国国家经济研究局创建时间：
1998-01-01
