Despite operating under substantial regulatory constraints, we find that commercial banks manage their investments largely consistent with the predictions of portfolio choice models with capital market imperfections. Based on 1990-2002 data for small (assets less than $1 billion) U.S. commercial...

"Despite operating under substantial regulatory constraints, we find that commercial banks manage their investments largely consistent with the predictions of portfolio choice models with capital market imperfections. Based on 1990-2002 data for small (assets less than $1 billion) U.S....

Despite operating under substantial regulatory constraints, we find that commercial banks manage their investments largely consistent with the predictions of portfolio choice models with capital market imperfections. Based on 1990-2002 data for small (assets less than $1 billion) U.S. commercial...

There is general agreement among bank researchers that revenues from fee-based activities are more volatile than revenues from more traditional interest-based (loans and deposits) activities. We test whether noninterest income was a determining factor in the hundreds of U.S. commercial bank...

We study large, long-term private equity investments in 87 publicly traded commercial banks made possible by a loosening of Federal Reserve regulations in 2008. Bank shareholders earned premiums upon the announcement of the PE investments, positive abnormal returns persisted throughout the...

We show that exposure from past business transactions risk overhang can reduce activity in related business lines, sometimes to the point where no new trade occurs. Our primary focus is the nonlife-insurance market, where our model predicts that the relative impact, duration, and character of...

We show that exposure from past business transactions--risk overhang--can reduce activity in related business lines, sometimes to the point where no new trade occurs. Our primary focus is the role of overhang in nonlife insurance market disruptions. Our model predicts that the relative impact,...

We show that exposure from past business transactions ? risk overhang ? can reduce activity in related business lines, sometimes to the point where no new trade occurs. We focus primarily on the role of overhang in nonlife insurance market disruptions. Our model predicts that the relative...