01705cas a2200265 a 4500 AALejournalIMF011700 230101c9999 xx r poo 0 0eng d 5.00 USD 9781463937119 1018-5941 BD-DhAAL BD-DhAAL Laeven, Luc. The Valuation Effects of Geographic Diversification : Evidence From U.S. Banks / Luc Laeven, Martin Goetz, Ross Levine. Washington, D.C. : International Monetary Fund, 2012. 1 online resource (35 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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. Mode of access: Internet Goetz, Martin. Levine, Ross. IMF Working Papers; Working Paper ; No. 2012/050 Full text available on IMF http://elibrary.imf.org/view/journals/001/2012/050/001.2012.issue-050-en.xml IMF e-Library