This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United …

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 …

large risk diversification opportunities that reduce funding costs …. Existing research suggests that expansion can both intensify agency problems that increase funding costs and facilitate risk … diversification that decreases funding costs. Using a newly developed identification strategy, we discover that the geographic …

We examine the effect of negative nominal interest rates on bank profitability and behavior using a cross-country panel …

bank franchise value or profitability. In this paper we argue that banks' market-to-book ratio is the sum of two components …

This paper provides an empirical analysis of the risk of trading revenues of U.S. commercial banks. We collect … quarterly data on trading revenues, broken down by business line, as well as the Value at Risk-based market risk charge. The … overall picture from these preliminary results is that there is a fair amount of diversification across banks and within banks …

of banks argue that compensation for bearing systematic risk is not part of bank output. We apply these models and find …

-sectional differences in response to liquidity risk depend on the banks' shares of core deposit funding. By contrast, differences across …