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diversification, however, require not only a right set of macroeconomic and structural policies, but also a sub …
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geographic complexity can engender explicit trade-offs between the agency problems that increase risk and the diversification … geographic scope tend to provide diversification gains and reduce idiosyncratic and liquidity risks while also increasing BHCs …
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A surprisingly neglected facet of sector evolution is the evolutionary analysis of firms', and thus a sector's, scope. Defining a sector as a group of firms that can change their scope over time, we study the transformation of U.S. banking firms. We undertake a sectoral, population-wide study of...
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