東華大學圖書館 |

語系: 繁體中文

說明(常見問題)

回圖書館首頁

手機版館藏查詢

登入

回首頁

切換: 標籤 | MARC模式 | ISBD

Essays on diversification of financi...

Deng, Saiying.

FindBook

Google Book

Amazon

博客來

Essays on diversification of financial services firms.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on diversification of financial services firms./
作者:	Deng, Saiying.
面頁冊數:	124 p.
附註:	Source: Dissertation Abstracts International, Volume: 67-01, Section: A, page: 0101.
Contained By:	Dissertation Abstracts International67-01A.
標題:	Education, Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3203002
ISBN:	9780542513206

Essays on diversification of financial services firms.
Deng, Saiying.

Essays on diversification of financial services firms. - 124 p.

Source: Dissertation Abstracts International, Volume: 67-01, Section: A, page: 0101.

Thesis (Ph.D.)--Temple University, 2005.

Diversification of the U.S. financial services industry is studied in this dissertation, which contains three essays. In the first essay, we examine the effects of diversification on both return and risk of U.S. commercial banks. The unique and comprehensive database of the banking industry enables us to construct assets, international, and activities diversification simultaneously. Empirical results indicate that all three diversification indices are associated with significant reductions in both bank return and risk. Moreover, we find that the detrimental return effect is more pronounced in banks with more severe agency problem and/or information asymmetry; and that banks affiliated with BHC suffer less return reduction effect. The latter supports the 'source-of-strength' doctrine in the banking industry.

ISBN: 9780542513206Subjects--Topical Terms:

1020300
Education, Finance.

Essays on diversification of financial services firms.
LDR:03331nmm 2200289 4500 001 1825929
005 20061211073605.5
008 130610s2005 eng d
020 $a 9780542513206
035 $a (UnM)AAI3203002
035 $a AAI3203002
040 $a UnM $c UnM
100 1 $a Deng, Saiying. $3 1914912
245 1 0 $a Essays on diversification of financial services firms.
300 $a 124 p.
500 $a Source: Dissertation Abstracts International, Volume: 67-01, Section: A, page: 0101.
500 $a Adviser: Elyas Elyasiani.
502 $a Thesis (Ph.D.)--Temple University, 2005.
520 $a Diversification of the U.S. financial services industry is studied in this dissertation, which contains three essays. In the first essay, we examine the effects of diversification on both return and risk of U.S. commercial banks. The unique and comprehensive database of the banking industry enables us to construct assets, international, and activities diversification simultaneously. Empirical results indicate that all three diversification indices are associated with significant reductions in both bank return and risk. Moreover, we find that the detrimental return effect is more pronounced in banks with more severe agency problem and/or information asymmetry; and that banks affiliated with BHC suffer less return reduction effect. The latter supports the 'source-of-strength' doctrine in the banking industry.
520 $a The second essay focuses on the impacts of domestic diversification and BHC-subsidiary distance, on the return, risk, and value of publicly traded BHCs. We employ deposit dispersion as a qualitatively favorable measure of domestic geographic diversification, which accounts for both the number of locations where a BHC operates, and the level of activity in each location. Empirical results indicate that geographic diversification is associated with a significant decline in BHC total and unsystematic risk, and an insignificant return and firm value effect. Moreover, we find that BHC-subsidiary distance raises BHC total and firm-specific risks, supporting the internal monitoring hypothesis. In addition, it is associated with significant firm value reduction, consistent with agency theory, while leaving the BHC return unaffected. Lastly, we find that at given level of geographic diversification, increased parent-subsidiary distance is positively related to firm value, suggesting bank cross state expansion is value-enhancing.
520 $a In the third essay, we investigate the relationship between domestic geographic diversification and the cost of debt for publicly traded BHCs. We find that geographic diversification is inversely related to cost of debt. Furthermore, we find that the effect of geographic diversification on cost of debt is non-linear (U-shaped), which is consistent with the countervailing forces of risk reduction, increased agency problems, weakened market power and less cost savings. Finally, we find that smaller BHCs enjoy a steeper decline in bond yield spread due to geographic diversification than larger ones.
590 $a School code: 0225.
650 4 $a Education, Finance. $3 1020300
690 $a 0277
710 2 0 $a Temple University. $3 959342
773 0 $t Dissertation Abstracts International $g 67-01A.
790 1 0 $a Elyasiani, Elyas, $e advisor
790 $a 0225
791 $a Ph.D.
792 $a 2005
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3203002