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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 陳聖賢(Sheng-Syan) | |
| dc.contributor.author | Mei-Ling Chen | en |
| dc.contributor.author | 陳玫伶 | zh_TW |
| dc.date.accessioned | 2021-06-15T03:04:16Z | - |
| dc.date.available | 2009-08-04 | |
| dc.date.copyright | 2009-08-04 | |
| dc.date.issued | 2009 | |
| dc.date.submitted | 2009-07-30 | |
| dc.identifier.citation | Benzoni, L., Schenone, C., 2005. Conflict of interest or certification? Evidence from IPOs underwritten by the firm’s relationship bank. Working paper, University of Minnesota.
Ber, H., Yafeh. Y., Yosha, O., 2001. Conflict of interest in universal banking: bank lending, stock underwriting, and fund management. Journal of Monetary Economics 47, 189-218. Diamond, D., 1991. Monitoring and reputation: the choice between bank loans and directly placed debt. Journal of Political Economy 99, 689-721. Drucker, S., Puri, M., 2005. On the benefits of concurrent lending and underwriting. Journal of Finance 60, 2763-2799. Gande, A., Puri, M., Saunders, A., Walter, I., 1997. Bank underwriting of debt securities: modern evidence. Review of financial Studies 10, 1175-1202. Gande, A., Puri, M., Saunders, A., 1999. Bank entry, competition, and the market for corporate securities underwriting. Journal of financial Economics 54, 165-195. Jensen, M., 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76, 323-329. Lang, L., Stulz, R., 1994. Tobin’s Q, corporate diversification, and firm performance. Journal of Political Economy 102, 1248-1280. LeBaron, D., Speidell, L., 1987. Why are the parts worth more than the sum? ‘Chop shop,’ a corporate valuation model. In: Browne, L., Rosengren, E. (Eds.), The merger Boom, Conference series No. 31. Federal Reserve Bank of Boston, Boston, pp. 78-101. Laeven, L., Levine, L., 2007. Is there a diversification discount in financial congolomeartes? Journal of financial economics 85, 331-367. Rajan, R., 1992. Insiders and outsiders: the choice between informed and arm’s-length debt. Journal of finance 47, 1367-1400. Rotemberg, J., Saloner, G., 1994. Benefits of narrow business strategies. American Economic Review 84, 1330-1349. Schenone, C., 2004. The effect of banking relationship on the firm’s IPO underpricing. Journal of Finance 59, 2903-2958. Stein, J., 2002. Information production and capital allocation: decentralized versus hierarchical firms. Journal of Finance 57, 1891-1921. Sufi, A., 2004. Does joint production of lending and underwriting help or hurt firms? A fixed effects approach. Mimeo, MIT, Department of Economics. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/44546 | - |
| dc.description.abstract | 本篇論文是在研究金融業多角化和景氣循環的關係，之前的文獻表示金融業多角化會使得公司的價值下降，但也有文獻表示非金融業的公司在景氣衰退時，公司的價值會上升，本篇論文是研究當景氣衰退時，金融業多角化是否會像一般產業一樣使得公司價值上升，抑或公司價值仍是下降。
本篇論文的公司的樣本是來自Bankscope，時間是從2001-2007，有兩個景氣循環分別是2001和2007，然後去比較景氣衰退和景氣擴張時公司價值的變化，結果發現在景氣衰退時，金融業多角化的公司價值的確有上升，但效果並不顯著。 | zh_TW |
| dc.description.abstract | This paper investigates whether the diversity of activities conducted by financial institutions influences their market valuations during recessions. We find that there is a diversification premium during recessions: The market values of financial conglomerates that engage in multiple activities, e.g., lending and non-lending financial services, are larger than if those financial conglomerates were broken into financial intermediaries that specialize in the individual activities during recessions. While difficult to identify a single causal factor, the results are consistent with theories that stress intensified agency problems in financial conglomerates engaged in multiple activities and indicate that economies of scope are sufficiently large to produce a diversification premium. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-15T03:04:16Z (GMT). No. of bitstreams: 1 ntu-98-R95723017-1.pdf: 283473 bytes, checksum: f73a99efe6a4fb765615839e36ab366a (MD5) Previous issue date: 2009 | en |
| dc.description.tableofcontents | 1. Introduction …………………………1
2. Data and variables.................5 2.1. Sample of banks..................5 2.2. Sample of business cycle.........5 2.3. Bank-level measures of activities and diversity.... 6 2.3.1. Measures of activities.........6 2.3.2. Measures of diversification....7 2.3.3. Summary statistics and discussions of individual banks....8 2.4. Bank-level performance: Tobin’s q, activity-adjusted q, and excess value......10 2.4.1. Tobin’s q........10 2.4.2. Activity-adjusted q.........10 2.4.3. Excess value................12 3. Empirical results...............14 3.1. The excess value of diversified banks: regression results............................14 3.2. The excess value of diversified banks during recessions: bank level controls......19 4. Concluding remarks................22 Table 1......................8 Table 2.....................16 Table 3.....................19 | |
| dc.language.iso | en | |
| dc.subject | 景氣循環 | zh_TW |
| dc.subject | 多角化 | zh_TW |
| dc.subject | 金融業 | zh_TW |
| dc.subject | Banking | en |
| dc.subject | Business cycle | en |
| dc.subject | Corporate diversification | en |
| dc.title | 金融業多角化與景氣循環的關係 | zh_TW |
| dc.title | Financial Conglomerates and Business Cycle | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 97-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 周冠男(Guan-Nan Chou),林岳祥(Yueh-Hsiang Lin) | |
| dc.subject.keyword | 多角化,金融業,景氣循環, | zh_TW |
| dc.subject.keyword | Corporate diversification,Banking,Business cycle, | en |
| dc.relation.page | 23 | |
| dc.rights.note | 有償授權 | |
| dc.date.accepted | 2009-07-30 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
| 顯示於系所單位： | 財務金融學系 | |
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