Diversification sectorielle : les assureurs mis au défi
[fre] Cet article décrit l’environnement des années 2000 au sein duquel les institutions financières avaient grand besoin de diversification. Il pose également la question de l’étendue des recettes de la diversification réalisées dans les grands groupes financiers. Il montre ainsi qu’aussi bien les groupes à dominante bancaire que ceux à dominante assurancielle continuent à être fortement concentrés sur leur activité première. De plus, l’importance relative de cette activité dans leurs revenus a également augmenté durant cette période. Dans le même temps, il n’existe que peu d’exemples dans lesquels des groupes financiers connaissant des difficultés dans leur activité de base, ont obtenu un soutien de la part de leurs activités annexes. Ainsi, cet article ne fournit qu’un soutien limité à l’hypothèse selon laquelle les groupes financiers ont bénéficié de la diversification de leurs activités durant la récente crise financière. Classification JEL : G21, G22, G34 [eng] The article focuses on the post-2000 environment, during which financial institutions were most in need of diversification benefits, and it asks to what extent revenue diversification benefits were realised in large financial groups. It finds that both insurance-dominated and bank-dominated groups continued to be highly concentrated on their «core business» and, moreover, that the relative importance of their core business activities for revenues during this period even increased. At the same time, there have been only very few instances where financial groups that were experiencing pressures on their «core activity» revenues obtained some relief from increased contribution from «non-core business» activities. Thus, the evidence presented in the article provides only limited support in favour of the hypothesis that financial groups have benefited from revenue diversification during the recent period of financial distress. JEL classification : G21, G22, G34
Volume (Year): 80 (2005)
Issue (Month): 3 ()
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References listed on IDEAS
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- Raghuram Rajan & Henri Servaes & Luigi Zingales, 2000.
"The Cost of Diversity: The Diversification Discount and Inefficient Investment,"
Journal of Finance,
American Finance Association, vol. 55(1), pages 35-80, 02.
- Raghuram Rajan & Henry Servaes & Luigi Zingales, "undated". "The Cost of Diversity: The Diversification Discount and Inefficient Investment," CRSP working papers 463, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- Rajan, Raghuram G & Servaes, Henri & Zingales, Luigi, 1998. "The Cost of Diversity: The Diversification Discount and Inefficient Investment," CEPR Discussion Papers 1801, C.E.P.R. Discussion Papers.
- Raghuram Rajan & Henri Servaes & Luigi Zingales, 1998. "The Cost of Diversity: The Diversification Discount and Inefficient Investment," NBER Working Papers 6368, National Bureau of Economic Research, Inc.
- Raghuram Rajan & Henri Servaes & Luigi Zingales, "undated". "The Cost of Diversity: The Diversification Discount and Inefficient Investment," CRSP working papers 357, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- Christine M. Cumming & Beverly Hirtle, 2001. "The challenges of risk management in diversified financial companies," Economic Policy Review, Federal Reserve Bank of New York, issue Mar, pages 1-17.
- Cumming, Christine & Hirtle, Beverly, 2001. "The challenges of risk management in diversified financial companies," Journal of Financial Transformation, Capco Institute, vol. 3, pages 89-95.
- Annemarie van der Zwet, 2003. "The Blurring of Distinctions between Financial Sectors: Fact or Fiction?," DNB Occasional Studies 102, Netherlands Central Bank, Research Department.
- Robert DeYoung & Tara Rice, 2004. "Noninterest Income and Financial Performance at U.S. Commercial Banks," The Financial Review, Eastern Finance Association, vol. 39(1), pages 101-127, 02.
- 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. Full references (including those not matched with items on IDEAS)
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