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The Valuation Effects of Geographic Diversification : Evidence from U.S. Banks
Goetz, Martin Richard - 2011
This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United … States on their market valuations. Using two novel identification strategies based on the dynamic process of interstate bank …
Persistent link: https://www.econbiz.de/10013117404
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Is There a Diversification Discount in Financial Conglomerates?
Laeven, Luc - 2005
valuations. We find that there is a diversification discount: The marketvalues financial conglomerates that engage in multiple … indicate that economies of scope arenot sufficiently large to produce a diversification premium …
Persistent link: https://www.econbiz.de/10012784437
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Geographic Diversification and Banks’ Funding Costs
Levine, Ross - 2016
We assess the impact of the geographic expansion of bank assets on the cost of banks' interest-bearing liabilities … diversification that decreases funding costs. Using a newly developed identification strategy, we discover that the geographic … large risk diversification opportunities that reduce funding costs …
Persistent link: https://www.econbiz.de/10012984748
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Immigration and Product Diversity
Mazzolari, Francesca - 2010
We study the effects of immigration on the diversity of consumption choices. Data from California in the 1990s indicate that immigration is associated with fewer stand-alone retail stores, and a greater number of large and in particular big-box retailers - evidence that likely contradicts a...
Persistent link: https://www.econbiz.de/10012757528
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Global Financial Structure and Climate Change
Whalley, John - 2010
, primarily in the area of insurance, but also in the diversification of asset holdings. We suggest in this paper that, with …, and towards a focus on insurance arrangements and the diversification of risks associated with climate change …
Persistent link: https://www.econbiz.de/10012757540
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Economic Factors Underlying the Unbundling of Advertising Agency Services
Arzaghi, Mohammad - 2010
This paper addresses a longstanding puzzle involving the unbundling of services that has occurred over more than two decades in the U.S. advertising agency industry: How can the shift from the bundling to the unbundling of services be explained and what accounts for the slow pace of change?...
Persistent link: https://www.econbiz.de/10012758332
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Multinationals, Technology, and the Introduction of Varieties of Goods
Brambilla, Irene - 2010
Multiproduct firms and product turnover are widespread phenomena. This paper develops a theoretical framework that links advantages in Ramp;D and variable costs with firm's ability to expand its portfolio of products. The framework is then applied to explain systematic differences in product...
Persistent link: https://www.econbiz.de/10012761578
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The Diversification Discount : Cash Flows vs. Returns
Lamont, Owen A. - 2010
Diversified firms have different values than comparable portfolios of single-segment firms. These value differences must be due to differences in either future cash flows or future returns. Expected security returns on diversified firms vary systematically with relative value. Discount firms...
Persistent link: https://www.econbiz.de/10012763347
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Do Nontraded Goods Explain the Home Bias Puzzle?
Pesenti, Paolo A. - 2010
domestic shares under full diversification. When stock-market data are directly used, the predicted coefficient of home bias …
Persistent link: https://www.econbiz.de/10012763897
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Naïve *Buying* Diversification and Narrow Framing by Individual Investors
Gathergood, John - 2019
portfolio diversification—NPD) or engage in naïve buying diversification (NBD)—equally balancing values in same-day purchases of …
Persistent link: https://www.econbiz.de/10012892561