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Weiner, Christian
Year of Publication: 
Series/Report no.: 
SFB 649 discussion paper 2005,063
This paper documents the conglomerate discount for all available German firms and the DAX 30 firms in detail. It shows a moderate discount of about 0.06 based on German comparable firms and of about 0.20 for a combined sample of German and European peer groups. I further examine the relationship between the discount and industry concentration as well as uncertainty of valuation. Finally, I document that corporate governance behavior affects the conglomerate discount.
Document Type: 
Working Paper

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