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BNET Business Dictionary
- Diversification
- a strategy to increase the variety of business, service, or product types within an organization. Diversification can be a growth strategy, taking advantage of market...
- Diversification definition on BNET »
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- Extreme Observations and Diversification in Latin American Emerging Equity Markets
- This paper focuses on the tails of the unconditional distribution of Latin American emerging markets stock returns. The paper explores their implications for portfolio diversification according to the safety first principle. The paper also finds that the Latin American emerging markets have significantly fatter tails than industrial markets, especially, the...
- White papers
- Market Volatility: How to Avoid an Ulcer
- For those watching the financial markets, the last few days could leave your stomach feeling like you just got off a roller coaster. The Dow was down 226 points on Tuesday, the largest one-day decline since March, and news from the housing market today promises more volatility to come. Countrywide...
- Blog posts 2007-07-25
- Risk and Diversification as an Entrepreneur
- No one is infallible when it comes to business. I learned this lesson pretty early on when I started my first business. With the naivety of a college student, I approached DVA my first company thinking that business was like a mid-term or a final exam, and that success was...
- Blog posts 2007-04-06
- Diversification And Adaptation: How Organization Drives Taxi Firm Performance
- This paper proposes that diversification reduces the value of specialized organizational capital by altering firms' routines, formal contract structures and strategies. The author tests the proposition that diversification creates organizational adaptation costs using rich, novel microdata on taxicab firms from the Economic Census before and after a diversification wave into...
- White papers 2006-12-18
- Global Business Cycles and Credit Risk
- The potential for portfolio diversification is driven broadly by two characteristics: the degree to which systematic risk factors are correlated with each other and the degree of dependence individual firms have to the different types of risk factors. Using a global vector autoregressive macroeconomic model accounting for about 80% of...
- White papers 2005-06-01
- Is There a Diversification Discount in Financial Conglomerates?
- This paper investigates whether the diversity of activities conducted by financial institutions influences their market valuations. It finds that there is a diversification discount: The market values financial conglomerates that engage in multiple activities, e.g., lending and non-lending financial services, lower than if those financial conglomerates were broken into financial...
- White papers 2005-06-01
- The Impact Of Trade On Plant Scale, Production-Run Length And Diversification
- We develop a model of trade in differentiated products with multi-product plants. The model predicts that plants in a smaller and less competitive market have shorter production runs and tend to be smaller and less productive than those in a larger market. Bilateral tariff reductions lead to a decline in...
- White papers 2005-06-01
- How Big Are the Benefits of Economic Diversification? Evidence From Earthquakes
- Economic activity is risky. Returns across economic sectors can be highly variable, potentially causing costly adjustments to consumption. However, when returns are imperfectly correlated across sectors and insurance is unavailable, diversification can reduce the economic impact of shocks. Therefore, despite the well-known efficiency benefits from specialization, the risks of too...
- White papers 2005-03-01
- Investing in Private Equity Through a Fund of Funds
- This paper discusses the Private Equity as an alternative asset class that should be strongly considered for long term investors who seek to outperform public equities and add portfolio diversification. However private equity is not for everyone and the liquidity risk and inability to access the best managers may be...
- White papers 2004-09-01
- Technological Diversification and Economic Performance: A Within-Industry Perspective
- This paper aims at a better understanding of how firms arrange and profit from their technological competencies. In particular, it presents a contribution to the diversification-performance literature by dealing with a still poorly researched aspect of diversification, namely technological diversification, while controlling for market diversification. Results suggest that firms that...
- White papers 2004-08-01
- Investor Preferences and Portfolio Selection: Is Diversification an Appropriate Strategy?
- This paper analyzes the relationship between diversification and several distributional characteristics that have risk implications for stock returns. The paper develops a flexible three-parameter distribution to model the stock returns. Using data of the current 30 DJIA stocks, it shows that an investorÆs strategy of diversification depends on the measures...
- White papers 2004-07-06
- Agency, Diversification, and Renegotiation in Corporate Finance: Evidence From Syndicated Loans
- Syndicated lending represents 51 percent of U.S. corporate finance originated and accounts for more underwriting revenue than either equity or debt underwriting. This paper analyzes a sample of 16,947 syndicated lines of credit to U.S. non-financial corporations from 1991-2003 to explain this product, with emphasis on the syndicate members, syndicate...
- White papers 2004-03-17
- Diversification in Commercial Real Estate: Realizing Continuous Spatial Correlation
- The diversification within real estate is not as costless as other financial assets such as stocks or bonds. The local nature of real estate implies that investment managers may need to specialize for simplicity or by portfolio objective. To address this trade-off between diversification and specialization this study quantifies the...
- White papers 2004-02-02
- Investment Strategies, Fund Performance and Portfolio Characteristics
- This paper studies the relation between fund performance and the fund manager's investment strategy, which is based on the characteristics of the portfolio. The results show that neither momentum characteristics nor the valuation of stocks can explain differences in fund performance. However, the paper finds a negative firm-size effect that...
- White papers 2004-01-29
- The Role Of International Property Investments In The Global Asset Allocation Process
- This paper examines the factors, which influence diversification into international property in a globalised asset allocation process. Before the special characteristics of real estate investments like risk considerations, forms of investment, performance measurement, diversification effects or inflation-hedge qualities are discussed, the asset allocation process is reviewed briefly and the consequences...
- White papers 2004-01-23
- An Investigation Into the Diversification-Performance Relationship Among Property-Liability Insurers
- Extensive research exists on the relationship between diversification and financial performance of firms. Very few of these studies focus on the insurance industry. This paper seeks to provide empirical evidence on the relationship between property liability insurers' product diversification and their risk-adjusted return using cross section and time-series data for...
- White papers 2004-01-13
- Diversification And Development
- This article explores the relationship between output volatility and economic development. It develops a methodology to assess countries’ extent of sectoral diversification. The productive structure of a country tends to be risky when the country i) specializes in highly volatile sectors, ii) has high sectoral concentration, and/or iii) specializes in...
- White papers 2003-11-05
- Manager Diversification : Is It Really Important?
- Manager diversification within real estate means: Execution of a real estate allocation using the services of more than one manager. Diversification in any asset class is done to reduce risk. Real estate is no different. Plan sponsors use multiple managers to limit the extent to which underperformance by an individual...
- White papers 2003-10-01
- Credit Risk Diversification: Evidence From the Eurobond Market
- This paper studies the role of diversification in reducing the volatility of corporate bond returns induced by changes in credit spreads. Specifically, it looks at how credit risk can be diminished when a portfolio is diversified across countries, industry sectors, maturities, seniority types and credit ratings. The role of national...
- White papers 2003-09-02
- Diversification Key to in Hedge Funds: Many Products are less Risky Than Most Equity Mutual Funds
- Hedge fund investing appears to be a dangerous pastime reserved for those who don't mind handing over money to managers who love to make risky bets -- or just rip you off. However, these examples are caricatures. And any risk associated with hedge fund investing diminishes in importance when the...
- White papers 2003-08-21
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