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 …

Lifecycle theories of mergers and diversification predict that firms make acquisitions and diversify when their …

In this paper, we show that Tobin's q and firm diversification are negatively related. This negative relation holds for … different diversification measures and when we control for other known determinants of q. We show further that diversified firms … number of segment constant. Our evidence is consistent with the view that firms seek growth through diversification when they …

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 …

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 …

We develop a new identification strategy to evaluate the impact of the geographic expansion of bank holding company … (BHC) assets across U.S. metropolitan statistical areas (MSAs) on BHC risk. We find that the geographic expansion of bank ….e., MSAs with different industrial structures and business cycles. We do not find that geographic diversification improves loan …

We document and discuss the implications of a sharp increase in the regional dispersion of skill premia in China in … of China's integration into the global economy plays a significant and regionally concentrated role in the second period …