We investigate the link between payouts and stock incentives among financial institutions. We hypothesize that the varying degree of regulation across depositories, insurers, and securities firms is likely to influence the observed relation to the extent that regulation substitutes for other...

Using information multiple times across revenue streams, BHCs may increase efficiency due to economies of scope. Our main contribution is to be the first to examine noninterest income after passage of the Gramm-Leach-Bliley Act, when additional opportunities to increase noninterest income arise....