| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5189 |
| DP5189 Factors Accounting for the Enactment of a Competition Law - An Empirical Analysis | |
| Johannes Stephan; Franz Kronthaler | |
| 发表日期 | 2005-08-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 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 financial conglomerates that engage in multiple activities, e.g., lending and non-lending financial services, 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 that engage in multiple activities and indicate that economies of scope are not sufficiently large to produce a diversification premium. |
| 主题 | Financial Economics |
| 关键词 | Corporate diversification Banking Economies of scope Agency costs |
| URL | https://cepr.org/publications/dp5189 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534073 |
| 推荐引用方式 GB/T 7714 | Johannes Stephan,Franz Kronthaler. DP5189 Factors Accounting for the Enactment of a Competition Law - An Empirical Analysis. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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