Cross-Industry Product Diversification and Contagion in Risk and Return: The Case of Bank-Insurance and Insurance-Bank Takeovers

We investigate the impact of domestic/international bancassurance deals on the risk-return profiles of announcing and non-announcing banks and insurers within a GARCH model. Bank-insurance deals produce intra- and inter-industry contagion in both risk and return, with larger deals producing greater contagion. Bidder banks and peers experience positive abnormal returns, with the effects on insurer peers being stronger than those on bank peers. Insurance-bank deals produce insignificant excess returns for bidder and peer insurers and positive valuations for peer banks. Following the deal, the bank bidders’ idiosyncratic (systematic) risk falls (increases), while insurance bidders exhibit a lower systematic risk and maintain their idiosyncratic risk.

Understanding citizen media as practice: agents, processes, publics

Much recent commentary on citizen media has focused on online platforms as means through which citizens may disseminate self-produced media content that challenges dominant discourses or makes visible hidden realities. This chapter goes beyond a concern with media content to explore the much broader range of socially situated practices that develop around citizen media. Drawing on Couldry’s proposal for a practice paradigm in media research, it suggests shifting the focus from ‘citizen media’ to ‘citizen media practices’ and demonstrates, through a case study of communication activism in the World Social Forum, how this framework can bring into view a broad range of citizen media practices (beyond those directly concerned with the production and circulation of media content), the different forms of agency that such practices make possible, and the social fabric they can help generate. I conclude by arguing that a practice framework necessitates a rethink of the way that the concept of (counter-) publics is used in the context of citizen media. Citizen media practices of the kind described here can be understood not only as practices of ‘making public’ previously unreported issues and perspectives, but as practices of public¬-making: practices that support the formation of publics.