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Can Diversification Create Value? Evidence from the Electric Utility Industry

机译：多元化可以创造价值吗？电力行业的证据

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Despite SEC and state-level resistance, and contrary to the trend pursued by other firms, many electric utilities have diversified into non-electric and unregulated businesses. Moreover, this failure to focus has been rewarded with higher firm values, again contrary to the discounts documented in the literature for other diversifying firms. Prior literature has questioned whether these premiums (or discounts) can be attributed to diversification per se. Rather, these premiums could arise from the characteristics of the diversifyingfirms, which have then endogenously chosen to diversify. In a new approach, where regulation can make the diversification decision largely exogenous, we examine the investment policies of the comparable electric-segments in the diversifying and non-diversifying utilities. We find that single-segment electric utilities over-invest compared to diversifying utilities, which explains their diversification premiums and implies that diversification can create value by opening up new investment opportunities.
机译：尽管受到了SEC和州政府的抵制，并且与其他公司追求的趋势相反，许多电力公司已经多元化发展为非电力和不受管制的业务。此外，这种不专注的现象得到了更高的公司价值的奖励，这再次与文献中记载的针对其他多元化公司的折扣相反。先前的文献质疑这些溢价（或折扣）是否可以归因于多元化本身。而是，这些溢价可能来自于多元化公司的特征，而这些公司后来被内生地选择进行多元化。在一种新的方法中，通过监管可以使多元化决策在很大程度上是外生的，我们研究了多元化和非多元化公用事业中可比电力部门的投资政策。我们发现，与分散型公用事业相比，单段式电力公用事业过度投资，这可以解释其多元化溢价，并暗示多元化可以通过开拓新的投资机会来创造价值。

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