We provide evidence using firm 10‐Ks that over the past 30 years, U.S. firms have expanded their scope of operations. Increases in scope were achieved largely without increasing traditional operating segments. Scope expansion significantly increases valuation and is realized primarily through acquisitions and investment in R&D, but not through capital expenditures. Traditional concentration ratios do not capture this expansion of scope. Our findings point to a new type of firm that increases scope through related expansion, which is highly valued by the market.

中文翻译：

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范围、规模和集中度：21 世纪的公司


我们使用公司 10-K 提供证据，证明在过去 30 年中，美国公司扩大了其业务范围。范围的增加在很大程度上是在没有增加传统运营部门的情况下实现的。范围扩大显著提高了估值，主要通过收购和研发投资来实现，而不是通过资本支出来实现。传统的浓度比并不能捕捉到这种范围的扩展。我们的研究结果表明，一种新型公司通过相关扩张来扩大业务范围，这受到市场的高度重视。