Resources, real options, and corporate strategy

• 成果类型: Article
• 署名作者: Bernardo, AE; Chowdhry, B
• 署名单位: University of California System; University of California Los Angeles
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(01)00094-0
• 发表日期: 2002
• 页码: 211-234
• 关键词: real options; valuation; corporate strategy; RESOURCES; learning

摘要

The types of investments a firm undertakes will depend in part on what it expects the outcome of those investments to reveal about its skills, capabilities. and assets (i.e., its resources). We predict that a firm will specialize when young, then experiment in a new line of business for some time, and then either expand into a large, multisegment business or focus and scale up its specialized business. We derive several empirical implications for firm valuations and the reaction of stock prices to news about firm prospects. We also offer a novel explanation for the well-documented diversification discount. (C) 2002 Published by Elsevier Science B.V.