Papers in this group
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For an intriguing variety of switching processes in nature, the underlying complex system abruptly changes from one state to another in a highly discontinuous fashion. Financial market fluctuations are characterized by many abrupt switchings…
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We show that information flows between investment banks and firms issuing securities affect the pattern of bank-firm relationships and that shocks to these information flows affect the real economy. Firms appear disinclined to share investment banks…
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We explore the implications of financial system design for financial innovation We begin with assumptions about the investment opportunities of firms, their observable attributes, and the roles of commercial banks, investment banks, and the…
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This paper examines the wealth effects of the events surrounding the passage of the Gramm-Leach-Bliley Act of 1999 and changes in systematic risk from the pre-Act period to the post-Act period for commercial banks, investment banks, and insurance…
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One of the most significant economic developments of the past decade has been the convergence of the previously separate segments of the financial services industry particularly the banking and insurance sectors. Convergence has been driven by…
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When commercial banks make loans to firms and also underwrite securities, does this hamper or enhance their role as certifiers of firm value? TThis paper examines empirically the pricing of bank-underwritten securities as compared to…