established in 1975, provides evidence-based policy solutions to sustainably end hunger and malnutrition and reduce poverty. The Institute conducts research, communicates results, optimizes partnerships, and builds capacity to ensure sustainable food production, promote healthy food systems, improve markets and trade, transform agriculture, build resilience, and strengthen institutions and governance. Gender is considered in all of the Institute's work. IFPRI collaborates with partners around the world, including development implementers, public institutions, the private sector, and farmers' organizations, to ensure that local, national, regional, and global food policies are based on evidence. IFPRI is a member of the CGIAR Consortium.

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<p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman;">This paper studies the effect of diversification into different product categories within competitive high-tech industries. Empirical results obtained <span style="mso-spacerun: yes;">&nbsp;</span>using the prepackaged computer software industry as the sample show that: (1) diversified firms appear to be more profitable (have higher returns on equity), attain a larger market share, enjoy higher excess market returns, and have a higher market-to-book ratio; (2) from the investors&rsquo; perspective, diversification per se does not increase firm value. Realized higher values do not appear to come from more efficient use of assets. Rather, they stem from the higher innovation efficiency (higher sales revenue per employee) and higher levels of R&amp;D spending for firms that have diversified into different product categories than for firms that confine development to a single product category.<span style="mso-spacerun: yes;">&nbsp; </span></span></span></p>