Do universal banks create value? Universal bank affiliation and company performance in Belgium, 1905-1909
Abstract: We investigate the impact of universal banks on the performance and the risk of affiliated companies in an unregulated environment with booming financial markets. For a unique sample of 129 Belgian companies listed in the period 1905-1909, we find that universal bank affiliation had a positive impact on the market-to-book ratio and return-on-assets. The effect on performance was positively related to the degree of bank involvement. Universal banks significantly reduced the volatility of return-on-assets. Stock return performance, measured by the Sharpe ratio, was also significantly b... Mehr ...
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Dokumenttyp: | report |
Erscheinungsdatum: | 2007 |
Sprache: | Englisch |
Permalink: | https://search.fid-benelux.de/Record/base-26600340 |
Datenquelle: | BASE; Originalkatalog |
Powered By: | BASE |
Link(s) : | https://hdl.handle.net/10067/629420151162165141 |