Valuing Financial Conglomerates

Stylised factors and new evidence from financial crises

Autori e curatori
Livello
Studi, ricerche
Dati
pp. 148,      1a edizione  2016   (Codice editore 385.1)
Peer reviewed content
Peer Reviewed Content

Valuing Financial Conglomerates Stylised factors and new evidence from financial crises
Tipologia: Edizione a stampa
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Disponibilità: Discreta




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Codice ISBN: 9788891750495
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Codice ISBN: 9788891749970
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In breve

The aim of this book is to provide an innovative analysis of the financial conglomerate phenomenon by combining both theoretical and empirical research methods. Moreover, new empirical evidence of the impact of diversification during the 2008-2009 and 2010-2011 financial crises on the shareholder value is presented. The book also discusses current issues and future directions for research.

Presentazione del volume

Recent research questions whether diversification in financial conglomerates enhances or destroys shareholder value, thus whether financial conglomerates trade at premium or discount compared to specialized banks. Empirical evidence shows that prior to the financial crisis, there existed substantial and persistent conglomerate discount among financial intermediaries. However, the global financial crisis of 2008-2009 and the European debt crisis of 2010-2011 have sparked off an active debate among financial economists about the so-called "diversification discount" or lack thereof, as the value of diversification might have changed, and if so, why. The aim of this book is to provide an innovative analysis of the financial conglomerate phenomenon by combining both theoretical and empirical research methods. Moreover, new empirical evidence of the impact of diversification during the 2008-2009 and 2010-2011 financial crises on the shareholder value is presented. The book also discusses current issues and future directions for research.

Claudia Curi
is Assistant Professor of Corporate Finance at the Faculty of Economics and Management of the Free University of Bolzano-Bozen since 2012. She teaches Corporate Finance and Project Finance. Before joining Free University of Bolzano-Bolzen Claudia was Research Economist at the Central Bank of Luxembourg and Postdoctoral Researcher at the Luxembourg School of Finance. Her main research interests are on the theory and empirical analysis of corporate finance and financial intermediation. She has published articles on international banking, bank business models, and financial crisis. She holds a PhD in Economics and Management Engineering and an MBA from the University of Rome, Tor Vergata.

Indice

Claudia Curi, Introduction
Financial conglomerates: definition, historical aspects, and corporate structure
(What is a financial conglomerate?; Main determinants of financial conglomerates; Corporate structure of financial conglomerate; Risk(s) in financial conglomerates)
The economics of financial conglomerates
(Scale and scope economies; Universal banking model; Government subsides; Empirical evidence on scale and scope economies; Empirical evidence on diversification strategies; Conclusions)
Diversification discount in financial conglomerates
(Is there a diversification discount in non-financial conglomerates?; Is the "diversification discount" a relevant topic in financial conglomerates?; Measuring diversification discount in financial conglomerates; Empirical evidence on the existence of diversification discount; Conclusions)
Studying the diversification discount: empirical evidence from the financial crises on a worldwide sample
(Introduction; Data and sample set; Did the value of diversification increase during the financial crises?; Conclusions)
Conclusions
References.




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