Geographic Diversification, Bank Holding Company Value, and Risk
研究银行控股公司的地理多元化与其价值和风险的关系，发现地理多元化能提升价值并降低风险，但分支机构距离越远会降低价值并增加风险。
We assess the association between geographic diversification and bank holding company (BHC) value and risk, controlling for the distance between the headquarters and branches. The distance‐adjusted deposit dispersion index used as a measure of geographic diversification accounts for the number of locations where a BHC operates, the level of activity in each location, and the distance between a BHC and its branches. We find that geographic diversification is associated with BHC value enhancement and risk reduction, increased distance between a BHC and its branches is associated with firm value reduction and risk increase, and geographic diversification across more remote areas is associated with greater value enhancement but smaller risk reduction.