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Bank holding companies --- Securities --- Finance.

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Bank capital --- Bank holding companies --- Banks and banking, Foreign --- Law and legislation --- State supervision

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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.

Bank holding companies --- Diversification in industry --- Banks and banking --- Banks and banking, Group --- Holding companies --- Valuation --- Banks and Banking --- Econometrics --- Financial Risk Management --- Macroeconomics --- Demography --- Firm Organization and Market Structure --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Investment Banking --- Venture Capital --- Brokerage --- Ratings and Ratings Agencies --- Estimation --- Personal Income, Wealth, and Their Distributions --- Demographic Economics: General --- International Financial Markets --- Econometric Modeling: General --- Banking --- Econometrics & economic statistics --- Population & demography --- Finance --- Estimation techniques --- Personal income --- Population and demographics --- Asset valuation --- Econometric analysis --- National accounts --- Asset and liability management --- Gravity models --- Econometric models --- Income --- Population --- Asset-liability management --- United States

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Die überarbeitete 9. Auflage berücksichtigt insbesondere die neuere Entwicklung in Brüssel und setzt sich mit dem more economic approach auseinander. Der SSNIP-Test und andere statistische Verfahren zur Marktabgrenzung sowie der SIEC-Test anstelle des Dominanztests als neues Untersagungskriterium in der Fusionskontrolle werden erörtert. Die beim SIEC-Test verwendeten Ansätze, das sind unilaterale und (faktisch) koordinierte Effekte, sind stärker herausgearbeitet worden. Des Weiteren wurden die verschiedenen Regulierungsansätze besser herausgearbeitet. Die Kapitel 11 und 13 zu wettbewerbsbeeinträchtigenden Strategien wurden um neue Fallbeispiele ergänzt. Literatur und Rechtssprechung sind bis Herbst 2011 berücksichtigt. Das Lehrbuch hat einen einführenden Charakter, setzt aber Grundkenntnisse der Preistheorie und der Wirtschaftspolitik voraus.

Trusts, Industrial. --- Industrial policy. --- Trade regulation. --- Competition. --- Antitrust law. --- Anti-trust law --- Competition --- Competition law --- Trusts, Industrial --- Commercial law --- Trade regulation --- Competition (Economics) --- Competitiveness (Economics) --- Economic competition --- Commerce --- Conglomerate corporations --- Covenants not to compete --- Industrial concentration --- Monopolies --- Open price system --- Supply and demand --- Regulation of trade --- Regulatory reform --- Consumer protection --- Deregulation --- Business --- Industries --- Industry and state --- Economic policy --- Combinations, Industrial --- Combinations in restraint of trade --- Commercial corners --- Commercial trusts --- Corners, Commercial --- Economic concentration --- Industrial combinations --- Industrial groupings --- Industrial trusts --- Big business --- Capital --- Economics --- Cartels --- Consolidation and merger of corporations --- Corporations --- Holding companies --- Restraint of trade --- Law and legislation --- Law --- Economic aspects --- Government policy