Valuing Financial Conglomerates: Stylised factors and new evidence from financial crises
MetadataShow full item record
Recent research questions whether diversification in financial conglomerates enhances or destroys shareholder value, thus whether financial conglomerates trade at premium or discount compared to specialized banks. Empirical evidence shows that prior to the financial crisis, there existed substantial and persistent conglomerate discount among financial intermediaries. However, the global financial crisis of 2008–2009 and the European debt crisis of 2010-2011 have sparked off an active debate among financial economists about the so-called “diversification discount” or lack thereof, as the value of diversification might have changed, and if so, why. The aim of this book is to provide an innovative analysis of the financial conglomerate phenomenon by combining both theoretical and empirical research methods. Moreover, new empirical evidence of the impact of diversification during the 2008-2009 and 2010-2011 financial crises on the shareholder value is presented. The book also discusses current issues and future directions for research.
Showing items related by title, author, creator and subject.
Zukunftsfähige Entwicklung und generative Organisationskulturen: Wie wir Systeme anders wahrnehmen und Veränderung gestalten können Metzner-Szigeth A (Oekom Verlag, 2018)Welche Möglichkeiten gibt es, die Zukunftsfähigkeit von Gesellschaften zu steigern? Wie lassen sich Organisationskulturen gestalten, die den wachsenden Anforderungen gerecht werden? Was können Interventionen beitragen, ...
Fedele A; Naticchioni P (2013)We study self-selection into politics and commitment once in office of citizens with different abilities and motivations in a framework where moonlighting is allowed. We find that high-ability motivated (public-fit) ...
Pinna A (2014)In a model of Originate-To-Distribute (OTD) banking, I show that contagion may spread before any preference shock, fire sale, or change in haircuts takes place. The drivers of contagion are opaqueness of collateral and ...