本份文档包含：关于该选题的外文文献、文献综述一、外文文献标题:Theeffectsofinstitutionalownershiponthevalueandriskofdiversifiedfirms作者:MohammadJafarinejada,SurendranathR.Joryb,ThanhN.Ngoc,期刊:InternationalReviewofFinancialAnalysis(Volume402015):207-219年份:2015TheeffectsofinstitutionalownershiponthevalueandriskofdiversifiedfirmsAbstractWestudythelinkbetweeninstitutionalownershipandfirms'diversificationstrategy,valueandrisk.OursampleincludesUS-listedfirmswithsegmentdatafrom1998to2012.Wefindthatnotallkindsofdiversificationarevalue-destroying;unlikeindustrially-diversifiedfirms,globalsingle-segmentfirmsaretradingatapremiumrelativetotheirimputedvalue.Thepresenceofinstitutionalinvestorsandthestabilityoftheirshareholdingspositivelyinfluencethelikelihoodthatafirmisdiversified.Theproportion(volatility)ofinstitutionalownershipishigher(lower)amongdiversifiedfirmscomparedtodomesticsingle-segmentfirms.Moreimportantly,thehighertheproportionsofinstitutionalshareholdings,thehighertheexcessvalueofthediversifiedfirmandthelowerthefirmidiosyncraticrisk.Institutionalownershipvolatility,ontheotherhand,isinverselyrelatedtoafirmexcessvaluebutpositivelyrelatedtoitsidiosyncraticrisk.Thus,thepresenceoflong-termstableinstitutionalinvestorsenhancesthevalueofdiversifiedfirms.Ourfindingsremainrobusttovariousmodelspecificationsandestimationtechniques.Keywords:Institutionalownership;Corporatediversification;Diversificationdiscount;IntroductionTheeffectofdiversificationonfirmvaluecontinuestoattractconsiderableresearchinterest.Therearetwomaintypesofdiversification:product-andgeographicdiversification(Vachani,1991andMartin,2008).Productdiversificationreferstothedegreetowhichfirmsareinvolvedindifferentindustries(werefertothemasbusinesssegments).Geographicdiversificationreferstotheextenttowhichfirmsareinvolvedindifferentcountries(werefertothemasgeographicsegments).Bodnar,Tang,andWeintrop(1997)findthatglobaldiversificationisassociatedwithhigherfirmvalue.Incontrast,Denis,Denis,andYost(2002)findthatdiversificationdecreases