As of 1987, commercial banks in the United States were allowed to establish Section 20 subsidiaries to conduct investment-banking activities. A concern of regulators was that these activities would result in a decrease in performance of commercial banks relative to the risk being undertaken....

This paper investigates the extent to which investors anticipate bidder and target merger candidacy and if investor anticipations about candidacy affect the distribution of value between bidder and target firm shareholders. We find that investors can predict bidder firms more successfully than...

This paper employs cash flow and accounting based measures to examine performance differences between privately-owned and state-owned banks in sixteen Far East countries from 1989 through 2004, a period including the 1997 Asian financial crisis. We find that state-owned banks operated less...

This paper examines the relationship between institutional investor involvement in and the operating performance of large firms. We confirm a significant relationship between a firm's operating cash flow returns and both the percent of institutional stock ownership and the number of...

This paper examines the relationship between institutional investor involvement in and the operating performance of large firms. We confirm a significant relationship between a firm's operating cash flow returns and both the percent of institutional stock ownership and the number of...