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.

Diversification, size and risk: The case of bank acquisitions of nonbank financial firms

We investigate the risk effects of bank acquisitions of insurance companies and securities firms between 1991 and 2012 using a newly constructed dataset of M&A deals. We examine risk changes before and after deal announcements by decomposing risk into systematic and idiosyncratic components. Subsequently, we investigate the relationship between risk and diversification by modelling the determinants of risks. We find that bank combinations with securities firms yield higher risks than combinations with insurance companies. Bank size is an important and consistent determinant of risk whereas diversification is not. Our results inform the continuing debate on diversification versus functional separation of bank activities.

Self-help, Saving and Suburbanisation - the Birkbeck Freehold Land and Building Societies, their Bank and the London Mechanics’ Institute 1851 – 1911.

The Birkbeck Freehold Land and Building Societies were launched in 1851 in the London Mechanics’ Institute, secured its survival, and eventually replaced its premises with the architectural ‘phantasmagoria’ of the Birkbeck Bank. Prior to its collapse in 1911 ‘the Birkbeck’ was a major element in the English property based financial system and contributed significantly to the suburban growth of London. The Institute, Societies and Bank shared a Utilitarian vision of social progress through self-help that was at times hotly contested by the radical champions of the social classes that they were initially formed to assist. Their parallel histories are attested today by ‘Birkbeck’ toponyms (including roads, pubs and a railway station) in the London landscape.

A Single-Frame Super-Resolution Innovative Approach

Super-resolution refers to the process of obtaining a high resolution image from one or more low resolution images. In this work, we present a novel method for the super-resolution problem for the limited case, where only one image of low resolution is given as an input. The proposed method is based on statistical learning for inferring the high frequencies regions which helps to distinguish a high resolution image from a low resolution one. These inferences are obtained from the correlation between regions of low and high resolution that come exclusively from the image to be super-resolved, in term of small neighborhoods. The Markov random fields are used as a model to capture the local statistics of high and low resolution data when they are analyzed at different scales and resolutions. Experimental results show the viability of the method.