conglomerate firms, internal capital markets, and the theory.pdf

Conglomerate Firms, Internal Capital Markets, and the Theory of the Firm g r o s. Vojislav Maksimovic1 and Gordon M. Phillips2,3 w e i v 1 e Department of Finance, Smith School of Business, University of Maryland, College Park, r l a Maryland 20742; email: vmax@ u n . n y 2Department of Finance and Business Economics, Marshall School of Business, University a l . n w o of Southern California, Los Angeles, California 90089; email: gordon.phillips@marshall. w e w s u m l 3 a National Bureau of Economic Research, Cambridge, Massachusetts 02138 o n r o f s d r e e d p a r o o l F n w 3. o 1 D / 5 . 2 4 / 4 1 2 1 5- n 2 o Annu. Rev. Financ. Econ. 2013. 5:225–44 Keywords 2 8 : 8 5 . 3. 7 First published online as a Review in Advance on efficiency, firm valuation, neoclassical model, multisegment firms, 7 1 4. September 6, 2013 0 2 1 conglomerate discount . 1 n 1. The Annual Review of Financial Economics is o 7 c y online at E Abstract . b n i This art