TY - BOOK ID - 84544111 TI - The Valuation Effects of Geographic Diversification : Evidence From U.S. Banks AU - Laeven, Luc. AU - Goetz, Martin. AU - Levine, Ross. AU - International Monetary Fund. PY - 2012 SN - 1463944993 1463944985 1463937113 1463944977 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Bank holding companies KW - Diversification in industry KW - Banks and banking KW - Banks and banking, Group KW - Holding companies KW - Valuation KW - Banks and Banking KW - Econometrics KW - Financial Risk Management KW - Macroeconomics KW - Demography KW - Firm Organization and Market Structure KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - Investment Banking KW - Venture Capital KW - Brokerage KW - Ratings and Ratings Agencies KW - Estimation KW - Personal Income, Wealth, and Their Distributions KW - Demographic Economics: General KW - International Financial Markets KW - Econometric Modeling: General KW - Banking KW - Econometrics & economic statistics KW - Population & demography KW - Finance KW - Estimation techniques KW - Personal income KW - Population and demographics KW - Asset valuation KW - Econometric analysis KW - National accounts KW - Asset and liability management KW - Gravity models KW - Econometric models KW - Income KW - Population KW - Asset-liability management KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84544111 AB - 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. ER -