For many service firms, it is undoubtedly very tempting to act as a one-stop shop for clients to retain as much of their business as possible. So a law firm that handles a client’s mergers and acquisitions business could also offer services in intellectual property litigation or other areas. But one-stop shops actually erode the value provided to clients because the expertise gets diffused, according to the paper, “Estimating Value Creation From Revealed Preferences: Application to Value-based Strategies,” by Olivier Chatain, a professor of strategy and business policy at HEC Paris and an academic senior fellow at Wharton’s Mack Institute for Innovation Management . His co-author is Denisa Mindruta, also a professor at HEC Paris. Chatain joined Knowledge at Wharton recently to talk about the findings of their paper. You can listen to the podcast using the player above. An edited transcript of the conversation follows.…