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The Valuation Effects Of Geographic Diversification
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Book Synopsis The Valuation Effects of Geographic Diversification by : Mr.Martin R. Goetz
Download or read book The Valuation Effects of Geographic Diversification written by Mr.Martin R. Goetz and published by International Monetary Fund. This book was released on 2012-02-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Valuation Effects of Geographic Diversification by : Mr.Martin R. Goetz
Download or read book The Valuation Effects of Geographic Diversification written by Mr.Martin R. Goetz and published by International Monetary Fund. This book was released on 2012-02-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Both Sides of Corporate Diversification by : Gordon M. Bodnar
Download or read book Both Sides of Corporate Diversification written by Gordon M. Bodnar and published by . This book was released on 2000 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effect of geographic and industrial diversification on firm value for a sample of over 31,000 firm-year observations of U.S. corporations from 1984 - 1997. Consistent with the predictions of most theories, we find the value of a firm with international operations is 2.7% higher than a comparable single-activity domestic firm, while the value of a multiactivity firm is 6.0% lower than a comparable portfolio of single-activity domestic firms. In addition, we demonstrate the existence of an omitted variable bias in estimating the value effect of industrial diversification when failing to account for geographic diversification when estimating. Sources of the value effects of both dimensions of diversification are also investigated.
Book Synopsis Both Sides of Corporate Diversification by : Gordon M. Bodnar
Download or read book Both Sides of Corporate Diversification written by Gordon M. Bodnar and published by . This book was released on 1997 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effect of geographic and industrial diversification on firm value for a sample of over 20,000 firm-year observations of U.S. corporations from 1987-1993. Our" multivariate tests indicate the average value of a firm with international operations is 2.2% higher than comparable domestic single activity firms, while the average value of a firm with activities in multiple industrial segments is 5.4% lower than a portfolio of comparable focused domestic firms in similar activities. More importantly, we demonstrate that failure to control simultaneously for both dimensions of diversification results in over-estimation of the negative value impact of industrial diversification, but has little impact on estimates of the positive value impact of geographic diversification
Book Synopsis Value Effects of Diversification by : Anton Kossack
Download or read book Value Effects of Diversification written by Anton Kossack and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Impact of Geographic Diversification on Firm Performance by : Young Sang Kim
Download or read book The Impact of Geographic Diversification on Firm Performance written by Young Sang Kim and published by . This book was released on 2008 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper empirically examines the economic effects of both corporate industrial and geographic diversifications. Using a sample of 28,050 firm year observations from 1990 to 1998, we find that industrial and geographic diversifications are associated with firm value decrease. Consistent with Denis et al. (2002), the costs of corporate diversification may outweigh the benefits of diversification. We find that geographically diversified firms have higher Ramp;D expenditures, advertising expenses, operating income, ROE and ROA than industrially diversified firms. In addition, higher Ramp;D expenditures create value for multi-segment global firms, but not for single segment global firms. This result implies that there exists an interaction effect between industrial and geographic diversification. We also examine the effects of agency cost issues, as characterized by the diversification discount, on both industrial and geographic diversification. Consistent with the agency explanation, firms with high equity-based compensation are associated with higher firm value than firms with low equity-based compensation. Also, we find that firms with a higher insider ownership percentage are associated with higher excess value.
Book Synopsis Valuation Effects of Global Diversification by : Amar Gande
Download or read book Valuation Effects of Global Diversification written by Amar Gande and published by . This book was released on 2012 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effect of global diversification on firm value using a dataset of U.S. firms from 1994-2002. We document that global diversification enhances firm value. Specifically, we find Tobin's q, our proxy for firm value increases with foreign sales (measured as a fraction of the firm's total sales) even after we control for well-known determinants of firm value. In contrast, we find no such evidence for industrial diversification. We find evidence of both financial and real effects driving such a value enhancement from global diversification. Furthermore, we find that the valuation benefits from global diversification are higher if the firm diversifies into countries with creditor rights that are stronger than that of the United States. Our results are also robust to controlling for the firm's endogenous choice to diversify across countries or across industries. Our study is anchored by the theories of both the financial and real dimensions of global diversification, and our results support both theories. Overall, our results provide a unifying view that global diversification benefits are driven by both the real and financial dimensions.
Book Synopsis Theologorum quorundarum in electoratu Saxoniae Epistola invitatoria ad universos dominos theologos et ecclesiarum evang. ministros ... de jubilaeo Lutherano ... by :
Download or read book Theologorum quorundarum in electoratu Saxoniae Epistola invitatoria ad universos dominos theologos et ecclesiarum evang. ministros ... de jubilaeo Lutherano ... written by and published by . This book was released on 1617 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Measuring Geographic Diversification and Product Diversification by : David G. Hoopes
Download or read book Measuring Geographic Diversification and Product Diversification written by David G. Hoopes and published by . This book was released on 1994 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effect of Geographic Diversification on the Returns of Real Estate Investment Trusts by : William Bradford McMillan
Download or read book The Effect of Geographic Diversification on the Returns of Real Estate Investment Trusts written by William Bradford McMillan and published by . This book was released on 1992 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Evidence on the Value of Product and Geographic Diversity by : Luc Laeven
Download or read book International Evidence on the Value of Product and Geographic Diversity written by Luc Laeven and published by . This book was released on 2001 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate diversification destroys value due to both agency and influence costs. Consistent with this finding, insider ownership is associated with less corporate diversification.
Book Synopsis Geographic Diversification and Firm Value by : 王綺楓
Download or read book Geographic Diversification and Firm Value written by 王綺楓 and published by . This book was released on 2008 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Geographic Diversification and Firm Value in the Financial Services Industry by : Markus Schmid
Download or read book Geographic Diversification and Firm Value in the Financial Services Industry written by Markus Schmid and published by . This book was released on 2013 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether geographic diversification is value-enhancing or value-destroying in the financial services sector, broadly defined. Our dataset comprises approximately 3,579 observations over the period from 1985 to 2004 and covers the entire range of U.S. financial intermediaries ndash; commercial banks, investment banks, insurance companies, asset managers, and financial infrastructure services firms. We use two alternative measures of geographic diversification: (1) a dummy variable whether the firm reports more than one geographic segment and (2) the percentage of sales from non-domestic operations. Our results indicate that geographic diversification is not associated with a significant valuation discount in financial intermediaries. However, when accounting for the firms' main activity-areas, we find evidence of a significant discount associated with geographic diversification in securities firms and a premium in credit intermediaries and insurance companies. All these results are robust after taking into account functional diversification of the firms as well as a potential endogeneity of both functional and geographic diversification.
Book Synopsis The Pattern and Valuation Effects of Corporate Diversification by :
Download or read book The Pattern and Valuation Effects of Corporate Diversification written by and published by . This book was released on 2001 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Valuation Effects of REIT Mergers and the Role of Diversification by : Tilan Tang
Download or read book Valuation Effects of REIT Mergers and the Role of Diversification written by Tilan Tang and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The merger of two real estate investment trusts (REITs) consolidates two real estate portfolios. We classify equity REIT mergers according to whether they maintain portfolio focus, increase focus or are diversifying with respect to the predominant property type and the geography of the underlying real estate. We then examine the abnormal returns to the acquirers, the targets, and the combined partners around the merger announcement to ascertain how portfolio changes affect value. The results show no abnormal returns for the 126 mergers in the sample. However, target REITs earn positive abnormal returns no matter the diversification impacts and acquiring REITs show positive abnormal returns for mergers that maintain geographic focus and diversify across property types. Acquirers also show negative abnormal returns for mergers that maintain property type focus and diversify geographically. The results lend further insight to understanding the diversification effects for equity REITs and highlight the importance to REIT managers, when contemplating a merger, of considering the valuation impacts associated with changes to the REIT's underlying portfolio.
Book Synopsis Bank Geographic Diversification and Corporate Innovation by : Saiying Deng
Download or read book Bank Geographic Diversification and Corporate Innovation written by Saiying Deng and published by . This book was released on 2019 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: By integrating the staggered interstate bank deregulation into a gravity model following Goetz, Laeven, and Levine (2013, 2016), we construct a time-varying bank-specific instrument for geographic diversification and investigate its causal effect on corporate innovation via the lending channel. We find that bank geographic diversification spurs corporate innovation, and enhances the economic value of innovation. We identify relaxing debt covenants and alleviating borrowers' financial constraints as the two underlying mechanisms for the documented effects. Moreover, via offering lenient covenants, geographically diversified banks provide greater financial and operational flexibility to borrowing firms, facilitating them to engage in future mergers and acquisitions.
Download or read book Working Paper Series written by and published by . This book was released on 2002 with total page 678 pages. Available in PDF, EPUB and Kindle. Book excerpt:
