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      Diversification, Bank Risk and Performance : A Cross-Country Comparison

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      https://www.riss.kr/link?id=A76501577

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      목차 (Table of Contents)

      • Abstract
      • Ⅰ. Introduction
      • Ⅱ. Literature Review
      • 1. Diversification: Benefits and Costs
      • 2. The Empirical Results of Diversification
      • Abstract
      • Ⅰ. Introduction
      • Ⅱ. Literature Review
      • 1. Diversification: Benefits and Costs
      • 2. The Empirical Results of Diversification
      • Ⅲ. Data and Methodology
      • 1. Dependent Variables
      • 2. Independent Variables
      • 3. Control Variables
      • Ⅳ. Empirical Results
      • 1. Results of Diversification on Performance and Risk
      • 2. Results of Diversification on Performance and Risk: Additional Analysis
      • 3. Robustness Tests
      • Ⅳ. Conclusion
      • Reference
      • 초록
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      참고문헌 (Reference)

      1 Villalonga, B, "Villalonga, B., “Does Diversification Cause the ‘Diversification Discount?”, University of California, Los Angeles Working Paper, (2000), pp.1-36."

      2 Lang, L. H. P, "Tobin’s q, Corporate Diversification and Firm Performance" 102 : 1248-1280, 1994

      3 Jensen, M, "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure" 3 : 305-360, 1976

      4 Boyd, J. H, "The Profitability and Risk Effects of Allowing Bank Holding Companies (BHCs) to Merge with Other Financial Firms: A Simulation Study" 12 : 1-18, 1988

      5 Peek, J, "The Poor Performance of Foreign Bank Subsidiaries: Were the Problems Acquired or Created?" 23 : 579-604, 1999

      6 Templeton, W. K, "The Effects of Non-bank Diversification on Bank Holding Company Risk" 31 : 3-17, 1992

      7 Vennet, R. V, "The Effects of Mergers and Acquisitions on the Efficiency and Profitability of EC Credit Institutions" 20 : 1531-1558, 1996

      8 Berger, A. N, "The Effects of Geographic Expansion on Bank Efficiency" 19 : 163-184, 2001

      9 Rajan, R, "The Cost of Diversity: The Diversification Discount and Inefficient Investment" 55 : 35-80, 2000

      10 Gribbin, J.D, "The Conglomerate Merger" 8 : 19-35, 1976

      1 Villalonga, B, "Villalonga, B., “Does Diversification Cause the ‘Diversification Discount?”, University of California, Los Angeles Working Paper, (2000), pp.1-36."

      2 Lang, L. H. P, "Tobin’s q, Corporate Diversification and Firm Performance" 102 : 1248-1280, 1994

      3 Jensen, M, "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure" 3 : 305-360, 1976

      4 Boyd, J. H, "The Profitability and Risk Effects of Allowing Bank Holding Companies (BHCs) to Merge with Other Financial Firms: A Simulation Study" 12 : 1-18, 1988

      5 Peek, J, "The Poor Performance of Foreign Bank Subsidiaries: Were the Problems Acquired or Created?" 23 : 579-604, 1999

      6 Templeton, W. K, "The Effects of Non-bank Diversification on Bank Holding Company Risk" 31 : 3-17, 1992

      7 Vennet, R. V, "The Effects of Mergers and Acquisitions on the Efficiency and Profitability of EC Credit Institutions" 20 : 1531-1558, 1996

      8 Berger, A. N, "The Effects of Geographic Expansion on Bank Efficiency" 19 : 163-184, 2001

      9 Rajan, R, "The Cost of Diversity: The Diversification Discount and Inefficient Investment" 55 : 35-80, 2000

      10 Gribbin, J.D, "The Conglomerate Merger" 8 : 19-35, 1976

      11 Lown, C. S, "The Changing Landscape of the Financial Services Industry: What Lies Ahead?" 6 : 39-55, 2002

      12 DeLong, G. L, "Stockholder Gains from Focusing Versus Diversifying Bank Mergers" 59 : 221-252, 2001

      13 Amihud, Y, "Risk Reduction as a Managerial Motive for Conglomerate 쟋ergers" 12 : 605-617, 1981

      14 Goforth, C, "Proxy Reform as a Means of Increasing Shareholder Participation in Corporate Governance: Too Little" 43 : 379-465, 1994

      15 DeYoung, R, "Product Mix and Earnings Volatility at Commercial Banks: Evidence from a Degree of Total Leverage Model" 10 : 54-84, 2001

      16 Drucker, S, "On the Benefits of Concurrent Lending and Underwriting" 2005

      17 Boot, A.W, "Market Discipline and Incentive Problems in Conglomerate Firms with Applications to Banking" 9 : 240-273, 2000

      18 Lewellen, W.G, "Managerial Pay and Corporate Performance" 60 : 710-720, 1970

      19 Sheilfer, A, "Managerial Entrenchment: The Case of Manager Specific Investments" 25 : 123-139, 1989

      20 Laeven, L, "Laeven, L. and R. Levine, “Is There a Diversification Discount in Financial Conglomerates?”, World Bank Working Paper, (2004), pp.1-61."

      21 Klein, P. G, "Klein, P. G. and M.R. Saidenberg, “Diversification, Organization and Efficiency:? Evidence from Bank Holding Companies”, Federal Reserve Bank of New York Working Paper, (1997), pp.1-14."

      22 Kaufman, D, "Kaufman, D., Kraay, A. and Zoido-Lobato, “Governance Matters II: Updated indicators for 2000/01”,? World Bank Policy Research Working Paper 2772, (2002)."

      23 Iskandar-Datta M, "Iskandar-Datta M. and R. McLuaghlin, “Global Diversification: New Evidence from Corporate Operating Performance”, Wayne State University Working Paper, (2005), pp.1-37."

      24 Miller, S. R, "Is There a Liability of Foreignness in Global Banking? An Empirical Test of Banks’ X-Efficiency" 23 : 55-75, 2002

      25 Gertner, R. H, "Internal Versus External Capital 쟋arkets" 109 : 1211-1230, 1994

      26 Stein, J, "Internal Capital Markets and the Competition for Corporate Resources" 52 : 111-133, 1997

      27 Berger, A. N, "Globalization of Financial Institutions: Evidence from Cross-Border Banking Performance" 3 : 1-77, 2000

      28 DeYoung, R, "Foreign-Owned Banks in the United States:?Earning Market Share or Buying It?" 28 : 622-636, 1996

      29 Fluck, Z, "Fluck, Z. and A. Lynch, “Why Do Firms Merge and Divest: A Theory of Financial Synergy”,? NYU Working Paper, (1996)."

      30 Campa, J. M, "Explaining the Diversification Discount" 52 : 1731-1762, 2002

      31 Chang, C. E, "Efficiency of Multinational Banks: An Empirical Investigation" 8 : 689-696, 1998

      32 Demirguc-Kunt, A, "Does Deposit Insurance Increase Banking System Stability??An Empirical Investigation" 49 : 1373-1406, 2002

      33 Graham, J. R, "Does Corporate Diversification Destroy Firm Value?" 57 : 695-720, 2002

      34 Stiroh, K. J, "Do Community Banks Benefit from Diversification?" 25 : 135-160, 2004

      35 Berger, P. G, "Diversification’s Effect on Firm Value" 37 : 39-65, 1995

      36 Rose, P.S, "Diversification of the Banking Firm" 24 : 251-280, 1989

      37 Deng, E, "Deng, E. and E. Elyasiani, “Geographic Diversification and BHC Return and Risk Performance”, Temple University Working Paper, (2005), pp.1-35."

      38 Demsetz, R. S, "Demsetz, R. S. and P.E. Strahan, “Diversification, Size and Risk at Bank Holding Companies”,? Federal Reserve Bank of New York Working Paper, (1995), ?pp.1-22."

      39 Demirguc-Kunt, A, "Demirguc-Kunt, A. and R. Levine, “Bank-Based and Market-Based Financial Systems: Cross Country Comparisons.” World Bank, (1999), pp.1-41."

      40 Fauver, L, "Cross-Country Evidence on the Value of Corporate Industrial and International Diversification" 10 : 729-752, 2004

      41 Mahajan, A, "Cost Structures in Multinational and Domestic Banking" 20 : 283-306, 1996

      42 Myers, S. C, "Corporate Financing and Investment Decisions when Firms Have Information that Investors Don’t Have" 13 : 187-221, 1984

      43 Levine, R, "Bank-Based or Market-Based Financial Systems: Which Is Better?" (442) : 1-24, 2002

      44 Stultz, R, "Are Internal Capital Markets Efficient?" 113 : 531-552, 1998

      45 Chung, K. H, "A Simple Approximation of Tobin’s q" 23 : 70-74, 1994

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