The valuation effects of geographic diversification
Subtitle: evidence from U.S. banks
By: Martin Goetz, Luc Laeven, Ross Levine
Contributors: Laeven, Luc; Levine, Ross; National Bureau of Economic Research
Series: NBER working paper series -- working paper 17660; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 17660.
Publisher: National Bureau of Economic Research
Published: 2011
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "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"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 2/14/2012.

Includes bibliographical references.

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