This study explores how Community Reinvestment Act (CRA) protests and their resolution affect the market value of merging banks. We find, in contrast to earlier research, that CRA-related events are not associated with significant negative market reactions for either bidder or target...

Recent corporate events have brought a heightened public awareness to corporate governance issues. Much work has been accomplished to date, but it is clear that much more remains to be done. This paper provides a review of empirical research in four relevant areas of corporate governance....

We find that debt downgrades of money center banks elicit negative stock price responses in nondowngraded money center banks. Stock prices of larger regional banks also react to these downgrades. Although downgrades of regional banks evoke negative stock price responses for regional banks in the...

Deposit interest rate deregulation and financial service innovation have led to dramatic changes in large banks' deposit composition. This paper presents a statistical cost analysis of changes in unit costs faced by banks under comprehensive financial deregulation. The results of this paper show...