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We use panel data from nine countries over the period 1996 to 2003 to test how revenue diversification in conjunction with increasing bank size affects bank value. Using a comprehensive framework for bank performance measurement, we find no evidence for a conglomerate discount , unlike studies concerned with industrial firms. Rather, revenue diversification(More)
This paper examines vertical integration and its impact on profitability and shareholder value in the global banking industry. We derive a measure for vertical integration using a sample of 859 banks from 9 Anglo-Saxon and Euro-pean countries covering the timeframe 1997-2002. Our results suggest that banks either operating on highly integrated or highly(More)
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