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TOBINS strongQstrong,CORPORATE - The National Bureau of Economic Research.pdf

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NBER WORKING PAPER SERIES TOBINS Q, CORPORATE DIVERSIFICATION AND FIRM PERFORMANCE Lariy H.P. Lang René M. Stulz Working Paper No. 4376 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 June 1993 Respectively, Associate Professor, New York University, and Riklis Chair in Business, The Ohio State University, and NBER. We are grateful to Mike Brennan, Robert Comment, Harry DeAngelo, Gene Fama, Mark Grinblatt, David Hirshleifer, Glenn Hubbard, Gregg Jarrell, Gershon Mandelker, Stewart Myers, Jim Ohlson, Tim Opler, Richard Roll, Jose Scheinkman, Andrei Shleifer, Bruce Tuckman, Robert Vishny, two anonymous referees, and participants at the 1992 NBER Summer Institute and at finance seminars at Columbia, New York University, Temple and UCLA. This paper is part of NBERs research program in Corporate Finance. Any opinions expressed are those of the authors and not those of the National Bureau of Economic Research. NBER Working Paper #4376 June 1993 TOBINS Q, CORPORATE DIVERSIFICATION AND FIRM PERFORMANCE ABSTRACT related. This In this paper, we show that Tobins q and firm diversification are negatively and when we control for other negative