Is there a diversification discount in financial conglomerates?

被引:536
作者
Laeven, Luc
Levine, Ross
机构
[1] World Bank, Washington, DC 20433 USA
[2] CEPR, Washington, DC 20433 USA
[3] Brown Univ, Providence, RI 02912 USA
关键词
corporate diversification; banking; economies of scope; agency costs;
D O I
10.1016/j.jfineco.2005.06.001
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
This paper investigates whether the diversity of activities conducted by financial institutions influences their market valuations. We find that there is a diversification discount: The market values of financial conglomerates that engage in multiple activities, e.g., lending and non-lending financial services, are lower than if those financial conglomerates were broken into financial intermediaries that specialize in the individual activities. While difficult to identify a single causal factor, the results are consistent with theories that stress intensified agency problems in financial conglomerates engaged in multiple activities and indicate that economics of scope are not sufficiently large to produce a diversification premium. (C) 2005 Elsevier B.V. All rights reserved.
引用
收藏
页码:331 / 367
页数:37
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