We compare non-issue specific (broad) investor protections against expropriation by firm's insiders with regulations that specifically protect investors of new equity issues (issue-specific). Since in-nation regulations rarely change and are homogenous for all firms, it is difficult to compare...

Prior research on international banking has proposed many reasons for the multinationalization of U.S. banks butprovided little empirical support for its propositions. Using a pooled -time series data set from 1987 to 1990, this study analyzes the ray and expansion path scale economies and...

We provide evidence that commercial banks extend their reputation in underwriting syndicated loans and private placements (private debt) to their bond underwriting activities. In the absence of bond-market reputation, private-debt-market reputation enables commercial banks to win underwriting...