Do Financial Conglomerates Create or Destroy Economic Value

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How Much Did Banks Pay to Become Too-Big-To-Fail and to Become Systemically Important? (2009, unknown): “In addition, Schmid and Walter (2006) examine the value of financial conglomerates and whether bigger and/or broader (through economies of scope) is better.”
Foreign bank diversification and efficiency prior to and during the financial crisis: Does one business model fit all? (2015, background): “Schmid and Walter (2009) support this finding for U.S. financial conglomerates (including non-bank institutions).”
Economies of scope in financial services: A DEA efficiency analysis of the US insurance industry. (2010, unknown): “Indeed, many studies of consolidation have found that diversification destroys market value (e.g., Comment and Jarrell, 1995; Leaven and Levine, 2007; Schmid and Walter, 2009).”
Back to the Basics in Banking? A Micro-Analysis of Banking System Stability (2009, background): “Most of the existing research addressing the issue of the economies of scope in nancial corporations takes an industrial organization approach and analyzes whether nancial conglomerates create or destroy value (see e.g. Laeven and Levine, 2007; Schmid and Walter, 2009).”
How Much of the Diversification Discount Can Be Explained by Poor Corporate Governance (2012, unknown): “Schmid and Walter (2009) find a similar discount for U.S. financial intermediaries between 1985-2004.”