| Author: | Park, Joohong Robert |
| Title: | Geographic and segment diversification of investment banks : competitive aspirations in a global landscape |
| Advisors: | Tong, Wilson (AF) |
| Degree: | D.B.A. |
| Year: | 2019 |
| Subject: | Hong Kong Polytechnic University -- Dissertations Diversification in industry Investment banking |
| Department: | Faculty of Business |
| Pages: | vi, 106 pages : color illustrations |
| Language: | English |
| Abstract: | Classic wisdom on investment says, "Don't put all your eggs in one basket," and a theory in economics argues that specialization is productive. Economists demonstrate how to connect traditional intelligence with economic theory: corporates focus on specialization and investors diversify risk through portfolio optimization. However, contrary to economists' expectations, corporates, especially large firms, do diversify their businesses. This dissertation develops a dynamic model of diversification in Bellman equation to explain the rationale for the diversification incorporates. The fundamental idea is that firms is composed of organizational capabilities, which is useful in multiple segments and locations of business, and diversification is essentially a process of searching for the right match to utilize their capabilities. Investment banking sector is selected for empirical test of the model because i) unrelated diversification is prohibited due to regulations, ii) data on competition is transparent, and iii) the sector is already highly diversified. Furthermore, the explanation based on knowledge-based view of the firm to understand the rationale of Asian investment banks is proposed. |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 991022289506203411.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 974.32 kB | Adobe PDF | View/Open |
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