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Do Financial Conglomerates Create or Destroy Economic Value?

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  • Ingo Walter
  • Markus M. Schmid
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    Bibliographic Info

    Paper provided by New York University, Leonard N. Stern School of Business, Department of Economics in its series Working Papers with number 06-28.

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    Date of creation: 2006
    Date of revision:
    Handle: RePEc:ste:nystbu:06-28

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    Postal: New York University, Leonard N. Stern School of Business, Department of Economics, 44 West 4th Street, New York, NY 10012-1126
    Phone: (212) 998-0860
    Fax: (212) 995-4218
    Web page: http://w4.stern.nyu.edu/economics/
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    References

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    1. McConnell, John J. & Servaes, Henri, 1995. "Equity ownership and the two faces of debt," Journal of Financial Economics, Elsevier, vol. 39(1), pages 131-157, September.
    2. Christiaan van Laecke & Dirk Schoenmaker, 2006. "Current State of Cross-Border Banking," FMG Special Papers sp168, Financial Markets Group.
    3. Luc Laeven & Ross Levine, 2005. "Is There a Diversification Discount in Financial Conglomerates?," NBER Working Papers 11499, National Bureau of Economic Research, Inc.
    4. Cara S. Lown & Carol L. Osler & Philip E. Strahan & Amir Sufi, 2000. "The changing landscape of the financial services industry: what lies ahead?," Economic Policy Review, Federal Reserve Bank of New York, issue Oct, pages 39-54.
    5. Hart, Oliver & Moore, John, 1995. "Debt and Seniority: An Analysis of the Role of Hard Claims in Constraining Management," American Economic Review, American Economic Association, vol. 85(3), pages 567-85, June.
    6. Maury, Benjamin & Pajuste, Anete, 2005. "Multiple large shareholders and firm value," Journal of Banking & Finance, Elsevier, vol. 29(7), pages 1813-1834, July.
    7. Denis, David J & Denis, Diane K & Sarin, Atulya, 1997. " Agency Problems, Equity Ownership, and Corporate Diversification," Journal of Finance, American Finance Association, vol. 52(1), pages 135-60, March.
    8. Agrawal, Anup & Knoeber, Charles R., 1996. "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 31(03), pages 377-397, September.
    9. Karl Lins & Henri Servaes, 1999. "International Evidence on the Value of Corporate Diversification," Journal of Finance, American Finance Association, vol. 54(6), pages 2215-2239, December.
    10. Elijah Brewer, III & William E. Jackson, III & Julapa A. Jagtiani & Thong Nguyen, 2000. "The price of bank mergers in the 1990s," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q I, pages 2-23.
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    Cited by:
    1. Elijah Brewer, III & Julapa Jagtiani, 2011. "How much did banks pay to become too-big-to-fail and to become systematically important?," Working Papers 11-37, Federal Reserve Bank of Philadelphia.
    2. Iman van Lelyveld & Klaas Knot, 2008. "Do financial conglomerates create or destroy value? Evidence for the EU," DNB Working Papers 174, Netherlands Central Bank, Research Department.
    3. Elijah Brewer, III & Julapa Jagtiani, 2007. "How much would banks be willing to pay to become "too-big-to-fail" and to capture other benefits?," Research Working Paper RWP 07-05, Federal Reserve Bank of Kansas City.
    4. Ingo Walter, 2006. "Reputational Risk and Conflicts of Interest in Banking and Finance: The Evidence So Far," Working Papers 06-27, New York University, Leonard N. Stern School of Business, Department of Economics.

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