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 ()
|Contact details of provider:|| Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecofi|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Raghuram Rajan & Henry Servaes & Luigi Zingales, .
"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.
- 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.
- 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, . "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.
- 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.
- 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.
- Christine M. Cumming & Beverly J. 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.
When requesting a correction, please mention this item's handle: RePEc:prs:recofi:ecofi_0987-3368_2005_num_80_3_4104. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.