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Banks in the securities business: market-based risk implications of section 20 subsidiaries

Geyfman, Victoria - Federal Reserve Bank of Philadelphia - 2005

This paper explores whether there was an economically significant differential in market-based risk between bank holding companies (BHCs) with Section 20 subsidiaries – subsidiaries that were authorized by the Federal Reserve to conduct bank-ineligible securities activities – and BHCs...

Persistent link: https://www.econbiz.de/10005512286

Risk-adjusted performance measures at bank holding companies with section 20 subsidiaries

Geyfman, Victoria - Federal Reserve Bank of Philadelphia - 2005

This paper examines risk-adjusted performance measures in banking, which are used as a guide for efficient asset allocation, performance evaluation, and capital structure decisions in complex, multidivisional financial institutions. Traditional measures of performance are contrasted with the...

Persistent link: https://www.econbiz.de/10005389567

Do bankers sacrifice value to build empires? managerial incentives, industry consolidation, and financial performance

Hughes, Joseph P.; Lang, William W.; Mester, Loretta J.; … - Federal Reserve Bank of Philadelphia - 2002

Bank consolidation is a global phenomenon that may enhance stakeholders’ value if managers do not sacrifice value to build empires. We find strong evidence of managerial entrenchment at U.S. bank holding companies that have higher levels of managerial ownership, better growth opportunities,...

Persistent link: https://www.econbiz.de/10005389720

Competition, syndication, and entry in the venture capital market

Hong, Suting - Federal Reserve Bank of Philadelphia - 2013

an incumbent. Both types of entry are extensively observed in the data. In this paper, I examine (i) the causes of … syndication between entrant and incumbent VC firms, (ii) the impact of entry on VC contract terms and survival rates of VC …’s expertise increases. I find that entry increases the likelihood of survival for incumbent-backed start-up companies while …

Persistent link: https://www.econbiz.de/10010732484