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Cover Art
Author Laeven, Luc.

Title The Valuation Effects of Geographic Diversification [electronic resource] : Evidence From U.S. Banks / Luc Laeven.

Published Washington, D.C. : International Monetary Fund, 2012.


Location Call No. Status
Physical description 1 online resource (35 p.)
Series IMF Working Papers; Working Paper ; No. 12/50
IMF Working Papers; Working Paper ; No. 12/50
Summary This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United States on their market valuations. Using two novel identification strategies based on the dynamic process of interstate bank deregulation, we find that exogenous increases in geographic diversity reduce BHC valuations. These findings are consistent with the view that geographic diversity makes it more difficult for shareholders and creditors to monitor firm executives, allowing corporate insiders to extract larger private benefits from firms.
Notes Description based on print version record.
Other author Goetz, Martin R.
Laeven, Luc.
Levine, Ross.
Subject Agency Problems
Bank Holding Company
Bank Holding
Corporate Insiders
Corporate Valuation
ISBN 1463937113 : 18.00 USD
ISSN 1018-5941
Standard Number 10.5089/9781463937119.001