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dc.contributor.authorGulamhussen, Azzim
dc.contributor.authorPinheiro, Carlos
dc.contributor.authorPozzolo, Alberto Franco
dc.date.accessioned2017-12-02T15:00:46Z
dc.date.available2017-12-02T15:00:46Z
dc.date.issued2017
dc.identifier.doi10.1111/fmii.12091
dc.identifier.urihttp://hdl.handle.net/20.500.12127/5872
dc.description.abstractWe question whether the international diversification of multinational banks creates or destroys shareholder value. Based on a sample of 384 listed banks from 56 countries we provide new and robust evidence that bank cross-border activities create shareholder value, as shown by an economically and statistically significant premium for international diversification. Our results are confirmed controlling for bank fixed effects, time-varying bank characteristics, reverse causality, functional diversification, and instrumenting for the choice to expand abroad. The increase in shareholder value is slightly larger for banks in the middle range of international diversification and in the case of expansion towards less developed countries.
dc.language.isoen
dc.publisherWiley-Blackwell
dc.subjectAccounting & Finance
dc.subjectFinancial Institutions
dc.subjectForeign Direct Investment
dc.subjectBanks
dc.subjectTobin's q
dc.titleDo multinational banks create or destroy shareholder value?
dc.identifier.journalFinancial Markets Institutions and Instruments
dc.source.volume26
dc.source.issue5
dc.source.beginpage295
dc.source.endpage313
dc.identifier.eissn1468-0416
vlerick.knowledgedomainAccounting & Finance
vlerick.knowledgedomainSpecial Industries : Financial Services Management
vlerick.typearticleJournal article
vlerick.vlerickdepartmentA&F
dc.identifier.vperid192786
dc.identifier.vperid179935
dc.identifier.vperid192785
dc.identifier.vpubid7193


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