[...]We discuss the potential benefits and costs associated withsome of the corporate governance variables for an average firm.However, we stress that all of these variables are ultimately partof a simultaneous system that determines the corporation’svalue and the allocation of such value...

[...]Our analysis suggests that much of the efficiencyimprovement brought about by branching was attributable to a selection process whereby better performing banksexpanded at the expense of poorer performers. It appears thatthe branching restrictions acted as a ceiling on the size...

I am delighted to be here today to address this importantconference on economic, supervisory, and regulatory issuesfacing foreign banks operating in the United States. I alsovery much appreciate the efforts of my colleague GeneLudwig and his staff at the Office of the Comptroller of theCurrency...