Corporate Diversification and Stock Risk: Evidence from a Global Shock
dc.contributor.author | Onali, E | |
dc.contributor.author | Mascia, DV | |
dc.date.accessioned | 2021-12-10T10:41:14Z | |
dc.date.issued | 2021-12-20 | |
dc.date.updated | 2021-12-09T19:05:32Z | |
dc.description.abstract | We investigate the impact of corporate diversification on stock risk. For identification, we exploit an exogenous shock on volatility expectations related to COVID-19 lockdowns resulting in a period of high volatility. We show that firms that diversify only internationally experience a lower post-shock increase in daily volatility. However, diversifying only by business segment leads to a higher increase in post-shock daily volatility. Our main results are robust to different proxies for international and business diversification and daily volatility. Overall, these findings provide a more nuanced picture of the potential impact of corporate diversification on stock risk. | en_GB |
dc.identifier.citation | Article 102150 | en_GB |
dc.identifier.doi | 10.1016/j.jcorpfin.2021.102150 | |
dc.identifier.uri | http://hdl.handle.net/10871/128089 | |
dc.identifier | ORCID: 0000-0003-3723-2078 (Onali, Enrico) | |
dc.language.iso | en | en_GB |
dc.publisher | Elsevier | en_GB |
dc.rights.embargoreason | Under embargo until 20 June 2023 in compliance with publisher policy | en_GB |
dc.rights | © 2021 Published by Elsevier B.V. This version is made available under the CC-BY-NC-ND 4.0 license: https://creativecommons.org/licenses/by-nc-nd/4.0/ | en_GB |
dc.subject | volatility | en_GB |
dc.subject | stock risk | en_GB |
dc.subject | pandemic | en_GB |
dc.subject | diversification | en_GB |
dc.title | Corporate Diversification and Stock Risk: Evidence from a Global Shock | en_GB |
dc.type | Article | en_GB |
dc.date.available | 2021-12-10T10:41:14Z | |
dc.identifier.issn | 0929-1199 | |
dc.description | This is the author accepted manuscript. The final version is available from Elsevier via the DOI in this record | en_GB |
dc.identifier.journal | Journal of Corporate Finance | en_GB |
dc.relation.ispartof | Journal of Corporate Finance | |
dc.rights.uri | https://creativecommons.org/licenses/by-nc-nd/4.0/ | en_GB |
dcterms.dateAccepted | 2021-12-09 | |
rioxxterms.version | AM | en_GB |
rioxxterms.licenseref.startdate | 2021-12-09 | |
rioxxterms.type | Journal Article/Review | en_GB |
refterms.dateFCD | 2021-12-09T19:05:36Z | |
refterms.versionFCD | AM | |
refterms.panel | C | en_GB |
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Except where otherwise noted, this item's licence is described as © 2021 Published by Elsevier B.V. This version is made available under the CC-BY-NC-ND 4.0 license: https://creativecommons.org/licenses/by-nc-nd/4.0/