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“Homemade” Diversification vs. Corporate Diversification

Published online by Cambridge University Press:  19 October 2009

Richard R. West
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Extract

In a recent article in this Journal, Jacob B. Michaelson and Robert C. Goshay (hereafter M-G) argue that the rule of maximizing share values does not adequately explain the portfolio selection practices of financial intermediaries. Moreover, M-G suggest that their analysis “has ramifications that reach far beyond financial intermediaries.” In particular, they state that “the asset holdings of conglomerate firms and the rationale for mergers may not be fully explicable in terms of maximizing behavior.”

Type
Research Article
Information
Journal of Financial and Quantitative Analysis , Volume 2 , Issue 4 , December 1967 , pp. 417 - 420
Copyright
Copyright © School of Business Administration, University of Washington 1967

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References

1 Michaelson, Jacob B. and Goshay, Robert C., “Portfolio Selection in Financial Intermediaries: A New Approach,” Journal of Financial and Quantitative Analysis, June, 1967, pp. 166–200.Google Scholar

2 Ibid., p. 195.

3 Ibid., p. 196.

4 Ibid., pp. 168–169.

5 Ibid., p. 195.