Manapol Ekkayokkaya , Pisploen Ploenchitt , Christian C.P. Wolff
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Diversification strategies and investment opportunities in the international banking industry
We examine whether and how banks’ diversification strategy responds to expected investment opportunities. We find evidence consistent with the view that whether banks diversify to develop internal funding capability in response to good prospects, or to search for new growth opportunities in response to poor prospects in the current activity, depends on external capital constraints. The results further suggest that banks find it optimal to have immediate control over the internal fund allocation rather than relying on the allocation managed by their group parent. We also find evidence suggesting that although international diversification can facilitate activity diversification, the former is unlikely to substitute for the latter. In addition, there is no evidence that activity diversification by banks reflects inefficient diversification.
期刊介绍:
Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.