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|c 5.00 USD
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|z 9781484303764
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Carvalho, Carlos.
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|a Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification /
|c Carlos Carvalho, Gee Hee Hong, Jing Zhou.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2017.
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| 300 |
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|a 1 online resource (44 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Product scope adjustment is a key mechanism through which multi-product firms achieve efficient resource allocations. In this paper, we take a novel perspective to study firms' product scope adjustment behavior through the lens of asset pricing. Using a unique panel scanner data set containing detailed information on products, matched with the financial information of their manufacturers, we find that multi-product firms with higher product turnover have lower financial risks and lower risk premia. To understand this channel, we propose a stylized model with a time-dependent (Calvo-type) product turnover rate to highlight the 'risk absorption channel' of product scope adjustment. In response to an economy-wide shock, a firm that can adjust its product scope more flexibly shows lower excess equity returns and lower asset volatility.
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|a Mode of access: Internet
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|a Hong, Gee Hee.
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|a Zhou, Jing.
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|a IMF Working Papers; Working Paper ;
|v No. 2017/146
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2017/146/001.2017.issue-146-en.xml
|z IMF e-Library
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