Divisional diversity and the conglomerate discount: evidence from spinoffs

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What Have We Acquired and What Should We Acquire in Divestiture Research? A Review and Research Agenda (2006, background): “Chang and Singh (1999) and Duhaime and Grant (1984) in fact showed that the greater the unrelatedness, particularly in resource profiles of parent and unit, the more likely is the unit to be selected out.”
Spin-Offs, Divestitures, and Conglomerate Investment (2007, background): “Gertner, Powers, and Scharfstein (2002), Ahn and Denis (2004), Dittmar and Shivdasani (2003), and Burch and Nanda (2003) find that refocusing increases conglomerate value and investment efficiency.”
Divestitures and Divisional Investment Policies (2003, unknown): “Related to Gertner, Powers and Scharfstein, Burch and Nanda (2002)”