The conglomerate discount in Germany and the relationship to corporate governance

Christian Weiner

No 2005-063, SFB 649 Discussion Papers from Humboldt University Berlin, Collaborative Research Center 649: Economic Risk

Abstract: This paper documents the conglomerate discount for all available German firms and the DAX 30 firms in detail. It shows a moderate discount of about 0.06 based on German comparable firms and of about 0.20 for a combined sample of German and European peer groups. I further examine the relationship between the discount and industry concentration as well as uncertainty of valuation. Finally, I document that corporate governance behavior affects the conglomerate discount.

Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:sfb649:sfb649dp2005-063

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