Is there a diversification discount in financial conglomerates?

Theory of the firm: Managerial behavior, agency costs and ownership structure

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Sample Selection Bias as a Specification Error

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The Nature of the Firm

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Separation of Ownership and Control

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Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers

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Law and Finance

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Financial Intermediation and Delegated Monitoring

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The Structure of Corporate Ownership: Causes and Consequences

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The Benefits of Lending Relationships: Evidence from Small Business Data

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Managerial discretion and optimal financing policies

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Insiders and Outsiders: The Choice between Informed and Arm's‐Length Debt

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Efficiency of financial institutions: International survey and directions for future research

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Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt

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Diversification's effect on firm value

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Risk Reduction as a Managerial Motive for Conglomerate Mergers

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Tobin's q, Corporate Diversification, and Firm Performance

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Information Production and Capital Allocation: Decentralized versus Hierarchical Firms

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Bank regulation and supervision: what works best?

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Do Managerial Objectives Drive Bad Acquisitions?

1990 • 1,912 citations

The Cost of Diversity: The Diversification Discount and Inefficient Investment

2000 • 1,729 citations

Conflict of Interest and the Credibility of Underwriter Analyst Recommendations

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The consolidation of the financial services industry: Causes, consequences, and implications for the future

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Explaining the Diversification Discount

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The Visible Hand

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Does deposit insurance increase banking system stability? An empirical investigation

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Agency Problems, Equity Ownership, and Corporate Diversification

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The impact of inflation on financial sector performance

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Rating Banks: Risk and Uncertainty in an Opaque Industry

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Corporate focus and stock returns

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Competitive viability in banking

1987 • 897 citations

The Value of Diversification During the Conglomerate Merger Wave

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Insiders and Outsiders: The Choice between Informed and Arm's-Length Debt

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Diversification Discount or Premium? New Evidence from the Business Information Tracking Series

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The dominance of inefficiencies over scale and product mix economies in banking

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The Benefits of Lending Relationships: Evidence from Small Business Data

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Effects of Corporate Diversification on Productivity

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Do Conglomerate Firms Allocate Resources Inefficiently Across Industries? Theory and Evidence

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Asset sales and increase in focus

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Does Corporate Diversification Destroy Value?

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Internal versus External Capital Markets

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The Regulation and Supervision of Banks around the World: A New Database

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Stockholder gains from focusing versus diversifying bank mergers

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Governance and bank valuation

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Is the Glass-Steagall Act Justified? A Study of the U.S. Experience with Universal Banking Before 1933

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International Evidence on the Value of Corporate Diversification

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Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation

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Does Diversification Cause the 'Diversification Discount'?

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Does Diversification Cause the "Diversification Discount"?

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On the Benefits of Concurrent Lending and Underwriting

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Commercial banks in investment banking conflict of interest or certification role?

1996 • 510 citations

Bank supervision and corruption in lending

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Operational efficiency in banking: An international comparison

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Do Managerial Objectives Drive Bad Acquisitions?

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Capital market frictions and the role of internal capital markets in banking

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Is Corporate Governance Different for Bank Holding Companies?

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Cost and Profit Efficiency of Financial Conglomerates and Universal Banks in Europe

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Is corporate governance different for bank holding companies

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Bank Underwriting of Debt Securities: Modern Evidence

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Efficiency of Financial Institutions: International Survey and Directions for Future Research

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Bank entry, competition, and the market for corporate securities underwriting

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BANK SUPERVISION AND REGULATION: WHAT WORKS BEST?

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Benefits of Narrow Business Strategies

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The Effect of Banking Relationships on the Firm's IPO Underpricing

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Why Do Firms Merge and Then Divest? A Theory of Financial Synergy

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Agency Problems, Equity Ownership, and Corporate Diversification

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Gains in bank mergers: Evidence from the bond markets

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The Diversification Discount: Cash Flows Versus Returns

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Universal Banking in the United States: What Could We Gain? What Could We Lose?

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Moral Hazard under Commercial and Universal Banking

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The Role of Fixed Costs and Cost Complementarities in Determining Scope Economies and the Cost of Narrow Banking Proposals

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The Value of Diversification During the Conglomerate Merger Wave

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Economies of diversification in the banking industry

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Moral hazard under commercial and universal banking

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Universal Banking

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Brookings- Wharton Papers on Financial Services, 1999

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Ability, Moral Hazard, Firm Size, and Diversification

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The Gains from Takeover Deregulation: Evidence from the End of Interstate Banking Restrictions

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Conflict of interest in universal banking: Bank lending, stock underwriting, and fund management

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Governance and Bank Valuation

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Universal banking in the United States: what could we gain? what could we lose?

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Market Evidence on the Opaqueness of Banking Firms' Assets

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Banking and commerce: A liquidity approach

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