NDLI: Do Financial Conglomerates Create or Destroy Economic Value

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Do Financial Conglomerates Create or Destroy Economic Value

Content Provider	Semantic Scholar
Author	Schmid, Markus Walter, Ingo
Copyright Year	2009
Abstract	This paper investigates whether functional diversification is value-enhancing or value-destroying in the financial services sector, broadly defined. Based on a U.S. dataset comprising approximately 4,060 observations covering the period 1985-2004, we report a substantial and persistent conglomerate discount among financial intermediaries. Our results suggest that it is diversification that causes the discount, and not that troubled firms diversify into other more promising areas. In addition, the discount applies to all financial services activity-areas with the exception of investment banking and is stable over different combinations of financial activity-areas with the exception of commercial banking units combined with insurance companies and/or investment banking activities.
Starting Page	193
Ending Page	216
Page Count	24
File Format	PDF HTM / HTML
DOI	10.2139/ssrn.929160
Volume Number	18
Alternate Webpage(s)	http://archive.nyu.edu/bitstream/2451/26090/2/6-28.pdf
Alternate Webpage(s)	http://archive.nyu.edu/bitstream/2451/27394/2/FIN-06-035.pdf
Alternate Webpage(s)	https://efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2007-Austria/papers/0217.pdf
Alternate Webpage(s)	https://doi.org/10.2139/ssrn.929160
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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