Corporate strategy, analyst coverage, and the uniqueness paradox / Lubomir P. Litov in Management science, Vol. 58 N° 10 (Octobre 2012)  

Public ISBD [article]  inManagement science > Vol. 58 N° 10 (Octobre 2012) . - pp. 1797-1815 Titre : Corporate strategy, analyst coverage, and the uniqueness paradox Type de document : texte imprimé Auteurs : Lubomir P. Litov, Auteur ; Patrick Moreton, Auteur ; Todd R. Zenger, Auteur Année de publication : 2012 Article en page(s) : pp. 1797-1815 Note générale : Management Langues : Anglais (eng) Mots-clés : Corporate strategy Analyst coverage Strategic uniqueness Diversification Résumé : In this paper, we argue that managers confront a paradox in selecting strategy. On one hand, capital markets systematically discount uniqueness in the strategy choices of firms. Uniqueness in strategy heightens the cost of collecting and analyzing information to evaluate a firm's future value. These greater costs in strategy evaluation discourage the collection and analysis of information regarding the firm, and result in a valuation discount. On the other hand, uniqueness in strategy is a necessary condition for creating economic rents and should, except for this information cost, be positively associated with firm value. We find empirical support for both propositions using a novel measure of strategy uniqueness in a firm panel data set between 1985 and 2007. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/10/1797.abstract [article] Corporate strategy, analyst coverage, and the uniqueness paradox [texte imprimé] / Lubomir P. Litov, Auteur ; Patrick Moreton, Auteur ; Todd R. Zenger, Auteur . - 2012 . - pp. 1797-1815. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 10 (Octobre 2012) . - pp. 1797-1815 Mots-clés : Corporate strategy Analyst coverage Strategic uniqueness Diversification Résumé : In this paper, we argue that managers confront a paradox in selecting strategy. On one hand, capital markets systematically discount uniqueness in the strategy choices of firms. Uniqueness in strategy heightens the cost of collecting and analyzing information to evaluate a firm's future value. These greater costs in strategy evaluation discourage the collection and analysis of information regarding the firm, and result in a valuation discount. On the other hand, uniqueness in strategy is a necessary condition for creating economic rents and should, except for this information cost, be positively associated with firm value. We find empirical support for both propositions using a novel measure of strategy uniqueness in a firm panel data set between 1985 and 2007. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/10/1797.abstract

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