Creating the future with all finance and financial conglomerates
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| Hauptverfasser: | , |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Boston [u.a.]
Kluwer Acad. Publ.
1998
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| Online-Zugang: | Inhaltsverzeichnis |
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| 245 | 1 | 0 | |a Creating the future with all finance and financial conglomerates |c by Lutgart van den Berghe and Kurt Verweire |
| 264 | 1 | |a Boston [u.a.] |b Kluwer Acad. Publ. |c 1998 | |
| 300 | |a XII, 223 S. |b graph. Darst. | ||
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| 999 | |a oai:aleph.bib-bvb.de:BVB01-008286081 | ||
Datensatz im Suchindex
| _version_ | 1804126845377970176 |
|---|---|
| adam_text | CONTENT
Introduction xi
SECTION 1: The academic search for an
UNDERSTANDING OF ALL FINANCE AND
FINANCIAL CONGLOMERATES: A STRATEGIC
AND ECONOMIC ANALYSIS WITHIN THE
FINANCIAL SERVICES INDUSTRY 1
Part A: The theoretical foundations 3
1 . Setting the scenery 5
What s in a name? 5
• Distinguishing between bancasstirance, assurfinance,
all finance and financial conglomerates 5
• The concept of financial conglomerates redefined 6
How it all started 7
• Co operative interfaces between banks and insurance
companies 7
• Competitive interfaces between banks and insurance
companies K
• Different types of diversification strategies are
possible: melhode of entry 10
2. From bancassurance and assurfinance towards
all finance the concepts of unbundling and
rebundling 13
Heading towards bancassurance and assurfinance 13
vj Content
Is it true that bancassurance is more successful than
assurfinance? 17
• Bancassurance versus assurfinance 17
• But there are potential threats as well 20
• Are the synergies between banks and insurance
companies limited to the retail market, and mainly to
the life insurance market? 22
All finance and (re)bundling of services: from fact
finding towards conceptualisation 24
• How can the (re)bundling of services be defined? 25
• What factors are the driving forces behind the trend
towards bundling of services? 28
• What factors are enablers to enter into a bundling
process? 30
• Some examples 31
3. Looking for the ratio behind the
diversification strategies 35
Some general considerations on diversification 35
• The extent of diversification 35
• Rationales for diversification 37
• Empirical evidence on the relation between
diversification and firm performance 41
• The third merger wave 43
The general tendency towards de diversification and
back to the core business 44
• Explanations behind this strategic shift 44
• Some examples of demergers and refoc using 45
Synergy: a concept with multiple dimensions 47
• The concept of synergy and strategic fit (relatedness) 48
• Relative siz.e of the compounding parts 49
• The mode of diversification 50
• The need for organisational fit 51
• Resource relatedness 54
All finance and financial conglomerates as a
diversification strategy: a paradox? 55
• The diversification strategy of financial firms
confronted with the larger business world 55
• Diversification into related fields 55
• The concept of synergies translated to the financial
sector 56
• Is big (and integrated) still beautiful? 58
• The integrated strategy behind (large) financial
conglomerates 59
Content vjj
4 . The financial conglomerates control board 61
Towards a classification of financial conglomerates 61
• Typology based on corporate structure of the financial
conglomerate 61
• Tripartite subdivision (Verzekeringskamer, The
Netherlands) 64
• Typology based on the method of entry 64
The financial conglomerates control board 67
• Definition of the financial conglomerates control
board bl
• The goal of the instrument 69
• Detailed description of the financial conglomerates
control board 69
The level of integration as a reference point 72
• Integration as a central element in the classification of
financial conglomerates 72
• Taking a look at financial synergies 73
• Integration as measure of organisational fit 76
• The concepts of centralisation and autonomy
highlighted 79
Part B: Testing the economic value of all finance 81
AND FINANCIAL CONGLOMERATES
5. Comparative analysis of diversification
strategies with the help of the financial
conglomerates control board 83
Introduction 83
Looking at the structural aspect of the different financial
conglomerates 85
• The legal structure 85
• The capital structure 86
• Tlw organisational structure 87
Integration of the different activities of financial
conglomerates 89
• Corporate governance and management 89
• Infrastructure 90
• Financial policy 91
• (Information) technology 92
• MIS: Accounting and reporting 93
• Product development 94
• Market development 94
viii Content
• Operations management 96
• Distribution 96
The findings of the Coopers Lybrand study: making
bancassurance work 97
6. Research into the overall effect of the
diversification strategies in the financial
services industry 100
Introduction 100
Diversification in the European financial sector: focus on
the Dutch and the Belgian situation 101
Hypotheses on the diversification effect 103
Methodology 106
• Definition of financial conglomerates 106
• Sample 107
• Diversification variables 108
• Performance measures 110
• Control variables 111
Preliminary results 112
Discussion 119
Appendices 122
Part C: Creating the future with all finance and
FINANCIAL CONGLOMERATES 125
7. The basic concept of creating the future: what
strategic concepts and insights are useful or
even necessary? 127
Introduction 127
Attack is the best of all defences 127
Which are the most important discontinuities that could
alter the competitive rales in the financial sector? 128
From the actual competition towards competing for the
future 129
What is the role of the client in shaping the future 130
Content ix_
To what extent can a firm itself direct its future changes
and be successful in the future? 132
• The concept of stretch 132
• The concept of core competence 133
• The concept of leverage 134
Critical evaluation of the scale of a firm 135
Critical eye on the distribution 136
Define your own future 137
8. Case studies of stretch and leverage 138
The ING case 138
• The origin of the ING group 138
• A new organisation structure: structure follows
strategy 140
• ING s core competences 143
The Fortis case 144
• The origin of Fortis 144
• The strategy of Fortis 146
The case Banco Comercial Portugues (BCP) 149
• BCP: the success story in Portugal 149
• The key success factors of the BCP Group 151
Insurance derivatives and securitisation 153
• What is it all about? 154
• Alternative methods of risk transformation: a new
asset class? 154
• Some real life examples of securitisation 156
SECTION 2: MANAGING THE RISKS INVOLVED:
REGULATORY ISSUES AND SOLUTIONS 15 J
9. Managing the risks involved: regulatory issues
and solutions 161
Brief overview of the potential risks involved 161
• Risks of contagion 161
• The risk of double gearing 162
• The creation of opaque structures 162
• External conflicts of interest 163
• Internal conflicts of interest 163
• Quality downgrading 163
• Abuse of power 164
_x Content
The opinion of the supervisory authorities: the European
Commission 164
• The specialisation principle 164
• Specific problems arise in group configurations 166
• Possible approaches to financial conglomerates:
national measures and international supervisory fora 167
• Supervisory concerns and possible approaches 167
• Conclusion 170
Convergence of financial institutions: the U.S.
environment 171
• U.S. regulatory environment 171
• Convergence between the commercial insurers and
investment banks 173
10. Managing the risks involved: regulatory
issues and solutions 175
Historical background 175
Proposal for a supplementary supervision on insurance
groups by the European Commission 176
• Scope of the proposal 176
• When is a company subjected to the solo plus
supervision and how are insurance groups defined? 177
• What are the areas of supplementary supervision ? 179
How can double gearing be avoided? 181
• Attempt at defining double gearing in more detail 181
• What are the possible consequences of the different
definitions of group in practice ? 184
• Is the European insurance industry confronted with
double gearing: a test 188
• Neutralising the effect of double gearing and
calculation of the adjusted solvency margin 188
• From solo to solo plus supervision 192
SECTION 3: SYNTHESIS AND CONCLUSIONS 195
11. Synthesis and conclusions 197
References 209
Index 220
|
| any_adam_object | 1 |
| author | Berghe, Lutgart van den Verweire, Kurt |
| author_facet | Berghe, Lutgart van den Verweire, Kurt |
| author_role | aut aut |
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| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.1 21 332.1 |
| dewey-search | 332.1 21 332.1 |
| dewey-sort | 3332.1 221 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Book |
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| language | English |
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| spelling | Berghe, Lutgart van den Verfasser aut Creating the future with all finance and financial conglomerates by Lutgart van den Berghe and Kurt Verweire Boston [u.a.] Kluwer Acad. Publ. 1998 XII, 223 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Conglomeraten (economie) gtt Financiële instellingen gtt Geldmarkt gtt Financial institutions Conglomerate corporations Zukunft (DE-588)4068097-6 gnd rswk-swf Finanzdienstleistung (DE-588)4212226-0 gnd rswk-swf Mischkonzern (DE-588)4140747-7 gnd rswk-swf Allfinanz (DE-588)4272767-4 gnd rswk-swf Allfinanz (DE-588)4272767-4 s Zukunft (DE-588)4068097-6 s DE-604 Finanzdienstleistung (DE-588)4212226-0 s Mischkonzern (DE-588)4140747-7 s Verweire, Kurt Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008286081&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Berghe, Lutgart van den Verweire, Kurt Creating the future with all finance and financial conglomerates Conglomeraten (economie) gtt Financiële instellingen gtt Geldmarkt gtt Financial institutions Conglomerate corporations Zukunft (DE-588)4068097-6 gnd Finanzdienstleistung (DE-588)4212226-0 gnd Mischkonzern (DE-588)4140747-7 gnd Allfinanz (DE-588)4272767-4 gnd |
| subject_GND | (DE-588)4068097-6 (DE-588)4212226-0 (DE-588)4140747-7 (DE-588)4272767-4 |
| title | Creating the future with all finance and financial conglomerates |
| title_auth | Creating the future with all finance and financial conglomerates |
| title_exact_search | Creating the future with all finance and financial conglomerates |
| title_full | Creating the future with all finance and financial conglomerates by Lutgart van den Berghe and Kurt Verweire |
| title_fullStr | Creating the future with all finance and financial conglomerates by Lutgart van den Berghe and Kurt Verweire |
| title_full_unstemmed | Creating the future with all finance and financial conglomerates by Lutgart van den Berghe and Kurt Verweire |
| title_short | Creating the future with all finance and financial conglomerates |
| title_sort | creating the future with all finance and financial conglomerates |
| topic | Conglomeraten (economie) gtt Financiële instellingen gtt Geldmarkt gtt Financial institutions Conglomerate corporations Zukunft (DE-588)4068097-6 gnd Finanzdienstleistung (DE-588)4212226-0 gnd Mischkonzern (DE-588)4140747-7 gnd Allfinanz (DE-588)4272767-4 gnd |
| topic_facet | Conglomeraten (economie) Financiële instellingen Geldmarkt Financial institutions Conglomerate corporations Zukunft Finanzdienstleistung Mischkonzern Allfinanz |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008286081&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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