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SUMMARY:FINANCIAL DIVISIONS IN DIVERSIFIED FIRMS - Cláudia Custódio\, Im
 perial College London
DTSTART:20181002T103000Z
DTEND:20181002T120000Z
UID:TALK112858@talks.cam.ac.uk
CONTACT:Emily Brown
DESCRIPTION:This paper studies non-financial conglomerates that have a ded
 icated financial division\, which we hypothesize improves the operation of
  internal capital markets. We develop a simple model based on this idea\, 
 which predicts that financial divisions are more valuable for larger firms
 \, for firms with more diverse segments\, and also for firms with more seg
 ments. Consistent with these predictions\, we empirically find that it is 
 conglomerates with the aforementioned characteristics that tend to possess
  a dedicated financial division. Moreover\, we show empirical evidence tha
 t supports the notion that conglomerates with financial divisions run more
  efficient internal capital markets. Finally\, we document that conglomera
 tes with a financial division appear to command a value premium when compa
 red to otherwise similar firms.
LOCATION:Fadi Boustany Lecture Theatre\, Cambridge Judge Business School
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