This study contributes new evidence on bank cost efficiency by computing efficiency measures from estimated cost functions. It overcomes deficiencies of previous studies by restricting the sample to homogeneous banks and by estimating Fourier flexible cost functions. A Fourier flexible cost...

Several theories seek to explain the spread between the yields on taxable and tax-exempt bonds of comparable maturity. This paper reconsiders the market segmentation theory by focusing on property and liability insurance companies (PLICs). PLICs can provide evidence on the market segmentation...

Purpose – Directors play a hard-to-quantify but critical role in the success of corporations. Outside directors supplement the firm-specific knowledge of inside directors by providing expertise and monitoring. Prior research finds that outside directors who are commercial bankers can be both...