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Finance and Efficiency: Do Bank Branching Regulations Matter?
Acharya, Viral V; Imbs, Jean; Sturgess, Jason - C.E.P.R. Discussion Papers - 2007
that financial development has important consequences for efficiency and specialization (or diversification) of investments …
Persistent link: https://www.econbiz.de/10005662195
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Volatility and Development
Koren, Miklós; Tenreyro, Silvana - C.E.P.R. Discussion Papers - 2005
Why is GDP growth so much more volatile in poor countries than in rich ones? We identify four possible reasons: (i) poor countries specialize in more volatile sectors; (ii) poor countries specialize in fewer sectors; (iii) poor countries experience more frequent and more severe aggregate shocks...
Persistent link: https://www.econbiz.de/10005662216
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Inefficient Diversification in Multimarket Oligopoly with Diseconomies of Scope
Dixon, Huw David - C.E.P.R. Discussion Papers - 1992
This paper considers the incentives of oligopolistic firms to diversify into technologically related markets when there are diseconomies of scope. There is a rent-extraction incentive for firms to adopt flexible technologies, which enable them to enter technologically related markets, thereby...
Persistent link: https://www.econbiz.de/10005662260
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Entrepreneurial Learning, the IPO Decision, and the Post-IPO Drop in Firm Profitability
Pástor, Luboš; Taylor, Lucian; Veronesi, Pietro - C.E.P.R. Discussion Papers - 2007
whether to take the firm public. In this decision, the entrepreneur trades off diversification benefits of going public …
Persistent link: https://www.econbiz.de/10005666477
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The Cost of Diversity: The Diversification Discount and Inefficient Investment
Rajan, Raghuram G; Servaes, Henri; Zingales, Luigi - C.E.P.R. Discussion Papers - 1998
In a simple model of capital budgeting in a diversified firm where headquarters have limited power, we show that funds are allocated towards the most inefficient divisions. The distortion is greater, when the investment oppotunities of the firm’s divisions are more diverse. We test these...
Persistent link: https://www.econbiz.de/10005666944
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Optimal Diversification
Gomes, Joao F; Livdan, Dmitry - C.E.P.R. Discussion Papers - 2002
In this Paper we show that the main empirical findings about firm diversification and performance are actually … consistent with the optimal behavior of a firm that maximizes shareholder value. In our model, diversification allows a firm to … allows us to examine several aspects of the relationship between firm diversification and performance in a very general …
Persistent link: https://www.econbiz.de/10005667077
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Home Bias at the Fund Level
Hau, Harald; Rey, Hélène - C.E.P.R. Discussion Papers - 2008
This paper presents new stylized facts on the distribution of the home bias at the fund level. We find (i) a large heterogeneity in the degree of home bias across mutual funds; (ii) a positive correlation between the size of funds and home bias; and (iii) a positive correlation between the size...
Persistent link: https://www.econbiz.de/10005791444
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Pooling Risk Among Countries
Imbs, Jean; Mauro, Paolo - C.E.P.R. Discussion Papers - 2007
contracts are relatively difficult to enforce. International diversification can thus yield substantial gains, but they may …
Persistent link: https://www.econbiz.de/10005791988
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Do Rural Banks Matter? Evidence from the Indian Social Banking Experiment
Burgess, Robin; Pande, Rohini - C.E.P.R. Discussion Papers - 2004
Lack of access to finance is often cited as a key reason for why poor people remain poor. This Paper uses data on the Indian rural branch expansion programme to provide empirical evidence on this issue. Between 1977 and 1990, the Indian central bank mandated that a commercial bank could open a...
Persistent link: https://www.econbiz.de/10005792249
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Household Portfolios in Italy
Guiso, Luigi; Jappelli, Tullio - C.E.P.R. Discussion Papers - 2000
-depth description of the lifetime pattern of asset holdings and their composition, the degree of asset diversification, and the …
Persistent link: https://www.econbiz.de/10005792420