Jour Fixe - Gerard Hoberg (USC)

Prof. Gerard Hoberg (University of Southern California)
Monday, 05. July 2021

Jour Fixe - Gerard Hoberg (USC)

Prof. Gerard Hoberg (University of Southern California)
This jour fixe takes usually place on the first monday of the month, starting at 5:00 p.m., in HoF E.20 of the House of Finance (Campus Westend). This jour fixe is an exception and will take as a Zoom meeting. If you want to participate, please send an email to info@eflab.de.

Scope, Scale and Competition: The 21st Century Firm (joint with Gordon Phillips)

We provide evidence that over the past 30 years, U.S. firms have expanded their scope of operations. Increases in scope and scale were achieved largely without increasing traditional operating segments. Scope expansion significantly increases valuation and is primarily realized through acquisitions and investment in R&D, but not through capital expenditures. We show that traditional concentration ratios do not capture this expansion of scope and are upward biased. Our findings point to a new type of firm that increases scope through related expansion, which is highly valued by the market.

 

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