메뉴 건너뛰기




Volumn 30, Issue 8, 2006, Pages 2131-2161

The dark side of diversification: The case of US financial holding companies

Author keywords

Banking; Diversification; Risk

Indexed keywords


EID: 33746008542     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbankfin.2005.04.030     Document Type: Article
Times cited : (719)

References (35)
  • 2
    • 0142219269 scopus 로고    scopus 로고
    • Why do managers diversify heir firms? Agency reconsidered
    • Aggarwal R.K., and Samwick A.A. Why do managers diversify heir firms? Agency reconsidered. Journal of Finance 58 1 (2003) 71-118
    • (2003) Journal of Finance , vol.58 , Issue.1 , pp. 71-118
    • Aggarwal, R.K.1    Samwick, A.A.2
  • 3
    • 0033074730 scopus 로고    scopus 로고
    • The consolidation of the financial services industry: Causes, consequences, and implication for the future
    • Berger A.N., Demsetz R.S., and Strahan P.E. The consolidation of the financial services industry: Causes, consequences, and implication for the future. Journal of Banking and Finance 23 (1999) 135-194
    • (1999) Journal of Banking and Finance , vol.23 , pp. 135-194
    • Berger, A.N.1    Demsetz, R.S.2    Strahan, P.E.3
  • 4
    • 33745972256 scopus 로고    scopus 로고
    • Berger, A.N., Margaret K. Kyle, Joseph M. Scalise, 2001. Did U.S. Bank Regulators Get Tougher During the Credit Crunch? Did They Get Easier During the Banking Boom? Did it Matter to Bank Lending? In: F.S. Mishkin (Ed.), Prudential Supervision: What Works and What Doesn't, 2001, pp. 301-349.
  • 6
    • 0009933769 scopus 로고    scopus 로고
    • Explaining the diversification discount
    • Campa J.M., and Kedia S. Explaining the diversification discount. The Journal of Finance LVII 4 (2002) 1731-1762
    • (2002) The Journal of Finance , vol.LVII , Issue.4 , pp. 1731-1762
    • Campa, J.M.1    Kedia, S.2
  • 7
    • 0242721057 scopus 로고    scopus 로고
    • Risk management, capital structure and lending at banks
    • Cebenoyan A.S., and Strahan P.E. Risk management, capital structure and lending at banks. Journal of Banking and Finance 28 1 (2004) 19-43
    • (2004) Journal of Banking and Finance , vol.28 , Issue.1 , pp. 19-43
    • Cebenoyan, A.S.1    Strahan, P.E.2
  • 8
    • 0042172941 scopus 로고    scopus 로고
    • Bank performance around the introduction of Section 20 subsidiary
    • Cornett M.M., Ors E., and Tehranian H. Bank performance around the introduction of Section 20 subsidiary. The Journal of Finance LVII 1 (2002)
    • (2002) The Journal of Finance , vol.LVII , Issue.1
    • Cornett, M.M.1    Ors, E.2    Tehranian, H.3
  • 10
    • 0001301086 scopus 로고    scopus 로고
    • Stockholder gains from focusing versus diversifying bank mergers
    • DeLong G.L. Stockholder gains from focusing versus diversifying bank mergers. Journal of Financial Economics 59 (2001) 221-252
    • (2001) Journal of Financial Economics , vol.59 , pp. 221-252
    • DeLong, G.L.1
  • 11
    • 0031536608 scopus 로고    scopus 로고
    • Diversification, size, and risk at bank holding companies
    • Demsetz R.S., and Strahan P.E. Diversification, size, and risk at bank holding companies. Journal of Money, Credit and Banking 29 3 (1997) 300-313
    • (1997) Journal of Money, Credit and Banking , vol.29 , Issue.3 , pp. 300-313
    • Demsetz, R.S.1    Strahan, P.E.2
  • 13
    • 0347137950 scopus 로고    scopus 로고
    • Product mix and earnings volatility at commercial banks: Evidence from a degree of total leverage model
    • DeYoung R., and Roland K.P. Product mix and earnings volatility at commercial banks: Evidence from a degree of total leverage model. Journal of Financial Intermediation 10 (2001) 54-84
    • (2001) Journal of Financial Intermediation , vol.10 , pp. 54-84
    • DeYoung, R.1    Roland, K.P.2
  • 14
    • 0041902195 scopus 로고    scopus 로고
    • Mixing and matching: Prospective financial sector mergers and market valuation
    • Estrella A. Mixing and matching: Prospective financial sector mergers and market valuation. Journal of Banking and Finance 25 (2001) 2367-2392
    • (2001) Journal of Banking and Finance , vol.25 , pp. 2367-2392
    • Estrella, A.1
  • 15
    • 33746009463 scopus 로고    scopus 로고
    • Fay, S., 2000. Recent Activity Resulting from the Gramm-Leach-Bliley Act. New England Banking Trends, Federal Reserve Bank of Boston, Summer 1-6.
  • 16
    • 84993843447 scopus 로고
    • Risk management: Coordinating corporate investment and financing policies
    • Froot K.A., Scharfstein D.S., and Stein J.C. Risk management: Coordinating corporate investment and financing policies. Journal of Finance XLVIII 5 (1993) 1629-1658
    • (1993) Journal of Finance , vol.XLVIII , Issue.5 , pp. 1629-1658
    • Froot, K.A.1    Scharfstein, D.S.2    Stein, J.C.3
  • 17
    • 0031626506 scopus 로고    scopus 로고
    • Risk management, capital budgeting, and capital structure policy for financial institutions: An integrated approach
    • Froot K.A., and Stein J.C. Risk management, capital budgeting, and capital structure policy for financial institutions: An integrated approach. Journal of Financial Economics 47 (1998) 55-82
    • (1998) Journal of Financial Economics , vol.47 , pp. 55-82
    • Froot, K.A.1    Stein, J.C.2
  • 18
    • 33745970007 scopus 로고    scopus 로고
    • Furlong, Fred, 2000. The Gramm-Leach-Bliley Act and Financial Integration. FRBSF Economic Letter, 2000-10, March 31-2000.
  • 19
    • 0031281077 scopus 로고    scopus 로고
    • Capital market frictions and the role of internal capital markets in banking
    • Houston J., James C., and Marcus D. Capital market frictions and the role of internal capital markets in banking. Journal of Financial Economics 46 (1997) 135-164
    • (1997) Journal of Financial Economics , vol.46 , pp. 135-164
    • Houston, J.1    James, C.2    Marcus, D.3
  • 20
    • 0001502289 scopus 로고    scopus 로고
    • Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders
    • Houston J.F., James C.M., and Ryngaert M.D. Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders. Journal of Financial Economics 60 (2001) 285-331
    • (2001) Journal of Financial Economics , vol.60 , pp. 285-331
    • Houston, J.F.1    James, C.M.2    Ryngaert, M.D.3
  • 21
    • 3843144414 scopus 로고    scopus 로고
    • Risk and Return of Banks' Section 20 Securities Affiliates
    • Kwan S. Risk and Return of Banks' Section 20 Securities Affiliates. FRBSF Economic Letter 98-32 (1998)
    • (1998) FRBSF Economic Letter , vol.98-32
    • Kwan, S.1
  • 22
    • 0000808665 scopus 로고
    • On the pricing of corporate debt: The risk structure of interest rates
    • Merton R.C. On the pricing of corporate debt: The risk structure of interest rates. Journal of Finance 29 2 (1974) 449-470
    • (1974) Journal of Finance , vol.29 , Issue.2 , pp. 449-470
    • Merton, R.C.1
  • 23
    • 0033074488 scopus 로고    scopus 로고
    • Megamergers and expanded scope: Theories of bank size and activity diversity
    • Milbourn T.T., Boot A.W.A., and Thakor A.V. Megamergers and expanded scope: Theories of bank size and activity diversity. Journal of Banking and Finance 23 (1999) 195-214
    • (1999) Journal of Banking and Finance , vol.23 , pp. 195-214
    • Milbourn, T.T.1    Boot, A.W.A.2    Thakor, A.V.3
  • 24
    • 33746003793 scopus 로고    scopus 로고
    • Morgan, D.P., Katherine S., 2003. Geographic Diversification in Banking and its Implication for Bank Portfolio Choice and Performance. Working Paper, Federal Reserve Bank of New York, February 20 2003.
  • 25
  • 27
    • 0041669510 scopus 로고    scopus 로고
    • Effects of corporate diversification on productivity
    • Schoar A. Effects of corporate diversification on productivity. Journal of Finance 57 6 (2002) 2379-2403
    • (2002) Journal of Finance , vol.57 , Issue.6 , pp. 2379-2403
    • Schoar, A.1
  • 28
    • 84993907263 scopus 로고
    • The value of bank durability: Borrowers as bank stakeholders
    • Slovin M.B., Sushka M.E., and Polonchek J.A. The value of bank durability: Borrowers as bank stakeholders. The Journal of Finance XLVIII 1 (1993) 247-266
    • (1993) The Journal of Finance , vol.XLVIII , Issue.1 , pp. 247-266
    • Slovin, M.B.1    Sushka, M.E.2    Polonchek, J.A.3
  • 30
    • 3843116611 scopus 로고    scopus 로고
    • Do community banks benefit from diversification
    • Stiroh K.J. Do community banks benefit from diversification. Journal of Financial Services Research 25 2-3 (2004) 135-160
    • (2004) Journal of Financial Services Research , vol.25 , Issue.2-3 , pp. 135-160
    • Stiroh, K.J.1
  • 31
    • 3843099775 scopus 로고    scopus 로고
    • Diversification in banking: Is noninterest income the answer?
    • Stiroh K.J. Diversification in banking: Is noninterest income the answer?. Journal of Money, Credit, and Banking 36 5 (2004) 853-882
    • (2004) Journal of Money, Credit, and Banking , vol.36 , Issue.5 , pp. 853-882
    • Stiroh, K.J.1
  • 35
    • 0036331767 scopus 로고    scopus 로고
    • Firm diversification and asymmetric information: Evidence from analysts' forecasts and earnings announcements
    • Thomas S. Firm diversification and asymmetric information: Evidence from analysts' forecasts and earnings announcements. Journal of Financial Economics 64 (2002) 373-396
    • (2002) Journal of Financial Economics , vol.64 , pp. 373-396
    • Thomas, S.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.