This paper examines whether financial buyers are more likely to initiate takeovers of inefficient firms. We show that they indeed are and thus conclude that takeovers by financial buyers play a potentially beneficial role in the allocation of corporate assets in the US. economy. Our analysis of...

"The Savings and Loan Crisis: Lessons from a Regulatory Failure" sets the record straight about what actually happened to our banking institutions in the 1980s. As is documented by the highly respected and diverse group of former regulators, scholars and practitioners contributing to this book,...