The Financial Modernization Act (FMA) of 1999 permits banks, securities ®rms, and insurance companies to combine and compete with each other in all types of ®nancial services. No longer are the names of ®nancial institutions synonymous with their particular products. This suggests moving from an``institutional perspective'' that focuses upon the historical specializations of institutions, to a ...

The subject of government bank regulation is intimately intertwined with that of government deposit insurance. If the government is to insure bank deposits, it should also have some say in the risks that insured banks are allowed to take, otherwise it would leave itself wide open to unlimited potential losses. John H. Kareken (in this issue) comes close to arguing that banks without government ...

1 The decade of the 1990s witnessed dramatic changes in the competitive situation of individual banks and in the structure of the banking industry. Legislation removed barriers for bank holding companies to own banks across state lines, allowed banks to operate across extensive areas in a single branch network, and created financial holding companies that could operate banks, securities firms, ...

today continuation of economic activities requires access to timely and adequate financial resources to provide working capital for enterprises, and any decision in this area  has a considerable effect on the operational efficiency of the business unit and will lead to changes in the value of the company and ultimately shareholders' wealth.       in current conditions, because of  the volu...

In this paper, a dynamic network DEA model is developed to evaluate the potential gains in final output from a merger of two firms. The two firms are allowed to have different production technologies or share a common technology. In a beginning period each firm uses period specific inputs to produce a final output and an intermediate output that becomes an input in the production of final outpu...

Already there are ideas for using the blockchain to make payments faster and cheaper, to make it easier for small businesses to obtain finance and for banks to assess mortgage portfolios at the click of a mouse. Smart trade finance contracts are being worked on that are so watertight, they will never be argued over in court. Securities transactions could be settled in minutes rather than days. ...

We investigate the empirical puzzle why banks pressured their analysts to provide aggressive assessments of issuing firms during the 1990s when doing so apparently had little positive effect on their chances of receiving lead-management appointments and ultimately led to regulatory penalties and costly structural reform. We show that aggressively optimistic research can attract co-management ap...

In this paper I discuss how investment banks utilize the internet as well as the motivation and implications of these early interne t applications for the co nduct of inv estment bank ing activities. I focus, in particular, on the significance of e-commerce applications for the management of relationships with clients, the expansion into the retail investor market, and the re-engineering of the...

I test and find supporting evidence for the precautionary motive hypothesis of liquidity hoarding U.S. commercial banks during global financial crisis. that held more liquid assets in anticipation future losses from securities write-downs. Exposure to their investment portfolios expected loan (measured by loss reserves) represent key measures banks’ on-balance sheet risks, addition off-balance ...