Publication
Title
Do universal banks create value? Universal bank affiliation and company performance in Belgium, 1905-1909
Author
Abstract
We investigate the impact of universal bank relations on the performance and the risk of listed companies in Belgium in the period 19051909. Our results are consistent with the view that universal banks are efficient institutions which overcome problems of asymmetric association inevitably associated with external finance. We find that universal bank affiliation was positively linked with market-to-book ratio and return-on-assets. Performance was also positively related to the degree of bank involvement. Universal bank relations were significant and negatively correlated with volatility of return-on-assets. Finally, stock return performance, measured by the Sharpe ratio, was also significantly better for affiliated corporations
Language
English
Source (journal)
Explorations in economic history. - Kent, Ohio, 1969, currens
Publication
Kent, Ohio : 2009
ISSN
0014-4983
1090-2457 [online]
Volume/pages
46:2(2009), p. 253-265
ISI
000264887500006
Full text (Publishers DOI)
Full text (publishers version - intranet only)
UAntwerpen
Faculty/Department
Research group
Publication type
Subject
Affiliation
Publications with a UAntwerp address
External links
Web of Science
Record
Identification
Creation 06.03.2009
Last edited 30.03.2017
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