{"id":"https://openalex.org/W2018474480","doi":"https://doi.org/10.1016/0304-405x(94)00777-x","title":"Corporate focus and stock returns","display_name":"Corporate focus and stock returns","publication_year":1995,"publication_date":"1995-01-01","ids":{"openalex":"https://openalex.org/W2018474480","doi":"https://doi.org/10.1016/0304-405x(94)00777-x","mag":"2018474480"},"language":"en","primary_location":{"id":"doi:10.1016/0304-405x(94)00777-x","doi":"https://doi.org/10.1016/0304-405x(94)00777-x","is_oa":true,"landing_page_url":"https://doi.org/10.1016/0304-405x(94)00777-x","pdf_url":null,"source":{"id":"https://openalex.org/S149240962","display_name":"Journal of Financial Economics","issn_l":"0304-405X","issn":["0304-405X","1879-2774"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial Economics","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://doi.org/10.1016/0304-405x(94)00777-x","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5073293961","display_name":"Robert Comment","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1313313744","display_name":"United States Securities and Exchange Commission","ror":"https://ror.org/01xqwbk25","country_code":"US","type":"government","lineage":["https://openalex.org/I1313313744"]},{"id":"https://openalex.org/I5388228","display_name":"University of Rochester","ror":"https://ror.org/022kthw22","country_code":"US","type":"education","lineage":["https://openalex.org/I5388228"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Robert Comment","raw_affiliation_strings":["Office of Economic Analysis, U.S. Securities and Exchange Commission, Washington, DC 20549, USA","University of Rochester, Rochester, NY 14627, USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Office of Economic Analysis, U.S. Securities and Exchange Commission, Washington, DC 20549, USA","institution_ids":["https://openalex.org/I1313313744"]},{"raw_affiliation_string":"University of Rochester, Rochester, NY 14627, USA","institution_ids":["https://openalex.org/I5388228"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5026825798","display_name":"Gregg A. Jarrell","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I5388228","display_name":"University of Rochester","ror":"https://ror.org/022kthw22","country_code":"US","type":"education","lineage":["https://openalex.org/I5388228"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Gregg A. Jarrell","raw_affiliation_strings":["University of Rochester, Rochester, NY 14627, USA","University of Rochester Rochester NY 14627 USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Rochester, Rochester, NY 14627, USA","institution_ids":["https://openalex.org/I5388228"]},{"raw_affiliation_string":"University of Rochester Rochester NY 14627 USA","institution_ids":["https://openalex.org/I5388228"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5073293961"],"corresponding_institution_ids":["https://openalex.org/I1313313744","https://openalex.org/I5388228"],"apc_list":{"value":4740,"currency":"USD","value_usd":4740},"apc_paid":{"value":4740,"currency":"USD","value_usd":4740},"fwci":144.164,"has_fulltext":false,"cited_by_count":1078,"citation_normalized_percentile":{"value":0.99991151,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":99,"max":100},"biblio":{"volume":"37","issue":"1","first_page":"67","last_page":"87"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.00039999998989515007,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/corporate-focus","display_name":"corporate focus","score":0.9800000190734863},{"id":"https://openalex.org/keywords/specialization","display_name":"specialization","score":0.5509999990463257},{"id":"https://openalex.org/keywords/diseconomies-of-scope","display_name":"diseconomies of scope","score":0.8429999947547913},{"id":"https://openalex.org/keywords/shareholder-wealth-maximization","display_name":"shareholder wealth maximization","score":0.7400000095367432},{"id":"https://openalex.org/keywords/diversified-firms","display_name":"diversified firms","score":0.8059999942779541},{"id":"https://openalex.org/keywords/focused-firms","display_name":"focused firms","score":0.7789999842643738},{"id":"https://openalex.org/keywords/hostile-takeovers","display_name":"hostile takeovers","score":0.781000018119812},{"id":"https://openalex.org/keywords/market-for-corporate-control","display_name":"market for corporate control","score":0.7269999980926514},{"id":"https://openalex.org/keywords/internal-capital-markets","display_name":"internal capital markets","score":0.7360000014305115},{"id":"https://openalex.org/keywords/stock-returns","display_name":"stock returns","score":0.8569999933242798}],"concepts":[{"id":"https://openalex.org/C1273860","wikidata":"https://www.wikidata.org/wiki/Q2517710","display_name":"Diseconomies of scale","level":3,"score":0.7893916368484497},{"id":"https://openalex.org/C165696696","wikidata":"https://www.wikidata.org/wiki/Q11287","display_name":"Exploit","level":2,"score":0.6505131721496582},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5909430980682373},{"id":"https://openalex.org/C2778012447","wikidata":"https://www.wikidata.org/wiki/Q1034415","display_name":"Scope (computer science)","level":2,"score":0.5413764119148254},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.5027825832366943},{"id":"https://openalex.org/C2776662940","wikidata":"https://www.wikidata.org/wiki/Q6770802","display_name":"Market for corporate control","level":4,"score":0.48121312260627747},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.4786073863506317},{"id":"https://openalex.org/C192209626","wikidata":"https://www.wikidata.org/wiki/Q190909","display_name":"Focus (optics)","level":2,"score":0.477610319852829},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.4772374629974365},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.4728693664073944},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4369582533836365},{"id":"https://openalex.org/C143910263","wikidata":"https://www.wikidata.org/wiki/Q750458","display_name":"Capital market","level":2,"score":0.43415552377700806},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4165247678756714},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3887265920639038},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.33831557631492615},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.255463570356369},{"id":"https://openalex.org/C29321873","wikidata":"https://www.wikidata.org/wiki/Q5970087","display_name":"Economies of scale","level":2,"score":0.10414853692054749},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.08119970560073853},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C120665830","wikidata":"https://www.wikidata.org/wiki/Q14620","display_name":"Optics","level":1,"score":0.0},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1016/0304-405x(94)00777-x","doi":"https://doi.org/10.1016/0304-405x(94)00777-x","is_oa":true,"landing_page_url":"https://doi.org/10.1016/0304-405x(94)00777-x","pdf_url":null,"source":{"id":"https://openalex.org/S149240962","display_name":"Journal of Financial Economics","issn_l":"0304-405X","issn":["0304-405X","1879-2774"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial Economics","raw_type":"journal-article"},{"id":"mag:3124717151","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/RePEc:fth:robume:91-01","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"pmh:oai:RePEc:eee:jfinec:v:37:y:1995:i:1:p:67-87","doi":null,"is_oa":false,"landing_page_url":"http://www.sciencedirect.com/science/article/pii/0304-405X(94)00777-X","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"doi:10.1016/0304-405x(94)00777-x","doi":"https://doi.org/10.1016/0304-405x(94)00777-x","is_oa":true,"landing_page_url":"https://doi.org/10.1016/0304-405x(94)00777-x","pdf_url":null,"source":{"id":"https://openalex.org/S149240962","display_name":"Journal of Financial Economics","issn_l":"0304-405X","issn":["0304-405X","1879-2774"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial Economics","raw_type":"journal-article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":27,"referenced_works":["https://openalex.org/W1531341052","https://openalex.org/W1549093964","https://openalex.org/W1567784552","https://openalex.org/W1597154983","https://openalex.org/W1614957981","https://openalex.org/W1969613110","https://openalex.org/W1990333450","https://openalex.org/W2000578291","https://openalex.org/W2021791306","https://openalex.org/W2022983130","https://openalex.org/W2044298381","https://openalex.org/W2062649295","https://openalex.org/W2066516677","https://openalex.org/W2093509943","https://openalex.org/W2095265705","https://openalex.org/W2103182897","https://openalex.org/W2107079206","https://openalex.org/W2126265434","https://openalex.org/W2128607063","https://openalex.org/W2129123189","https://openalex.org/W2149687927","https://openalex.org/W3121128947","https://openalex.org/W3121131820","https://openalex.org/W3121608236","https://openalex.org/W3125304111","https://openalex.org/W6789134431","https://openalex.org/W7053048986"],"related_works":["https://openalex.org/W266903606","https://openalex.org/W2287627034","https://openalex.org/W2399778472","https://openalex.org/W3146860725","https://openalex.org/W1594363471","https://openalex.org/W2115495505","https://openalex.org/W4214638314","https://openalex.org/W2076135602","https://openalex.org/W1535177344","https://openalex.org/W3124771466"],"abstract_inverted_index":{"Greater":[0],"corporate":[1,94],"focus":[2,21,31],"is":[3],"consistent":[4],"with":[5],"shareholder":[6],"wealth":[7],"maximization.":[8],"Diseconomies":[9],"of":[10,36,43,46],"scope":[11,44],"in":[12,76,90],"the":[13,34,77,91],"1980s":[14,78],"are":[15],"confirmed":[16],"by":[17,80],"a":[18,24],"trend":[19],"towards":[20],"or":[22,48],"specialization,":[23],"positive":[25],"relation":[26],"between":[27],"stock":[28],"returns":[29],"and":[30,33,88],"increases,":[32],"failure":[35],"diversified":[37,72],"firms":[38,56,73],"to":[39,60,63],"exploit":[40],"financial":[41],"economies":[42],"(coinsurance":[45],"debt":[47],"reliance":[49],"on":[50],"internal":[51],"capital":[52],"markets).":[53],"Large":[54],"focused":[55],"were":[57,68,74],"less":[58],"likely":[59],"be":[61],"subject":[62],"hostile":[64],"takeover":[65],"attempts":[66],"than":[67],"other":[69],"firms,":[70],"but":[71],"distinguished":[75],"mostly":[79],"being":[81],"relatively":[82],"active":[83],"participants,":[84],"as":[85],"both":[86],"buyers":[87],"sellers,":[89],"market":[92],"for":[93],"control.":[95]},"counts_by_year":[{"year":2026,"cited_by_count":13},{"year":2025,"cited_by_count":15},{"year":2024,"cited_by_count":9},{"year":2023,"cited_by_count":14},{"year":2022,"cited_by_count":21},{"year":2021,"cited_by_count":27},{"year":2020,"cited_by_count":24},{"year":2019,"cited_by_count":25},{"year":2018,"cited_by_count":37},{"year":2017,"cited_by_count":47},{"year":2016,"cited_by_count":25},{"year":2015,"cited_by_count":29},{"year":2014,"cited_by_count":31},{"year":2013,"cited_by_count":41},{"year":2012,"cited_by_count":46}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}
