Foreign banks have had an organizational presence in the United States since the early 1800s. Until after World War II, the foreign banks' presence was generally limited. They engaged in trade finance, and in some cases ethnic banking. The growth really dates to the period from the mid-1960s to...

In the mutual fund industry, there is a unique endogeneity between managers and investors. If a manager wants to lower fees in the hopes of attracting investors, the investors will not react unless they believe the manager will maintain low fees for a period of time. A binding contract is one...

We develop and illustrate a methodology for fitting models to large, complex data sets. The methodology uses standard regression techniques that make few assumptions about the structure of the data. We accomplish this with three small modifications to stepwise regression: (1) We add interactions...

Who should control the firm? What should be the firm's objective function? If contracts are incomplete, then the group of input providers that most needs their interests protected should be allocated control rights to the firm. Existing theories argue that the suppliers of capital are most in...