In this paper, we investigate the damage to real-sector investment spending and corporate financing activities triggered by the failure of three major investment banks during the 2007-09 financial crisis. We find that firms characterized by pre-crisis corporate investment banking relationships...

Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services or as much turbulence and damage to the economy and to ordinary people. Regulatory and technological changes have been among the...

This book is intended to lay out, in a clear and intuitive as well as comprehensive way, what we know - or think we know - about mergers and acquisitions in the financial services sector. It evaluates their underlying drivers, factual evidence as to whether or not the basic economic concepts and...

This is a revision of the business of global banking. With the increased globalization of the world economy few sectors are the equal of banking and financial services in dynamism or structural change. Roy C. Smith and Ingo Walter assess this transformation-its causes, its course and its...

In 1933 and 1956, the United States sharply limited the kinds of securities, commercial, and insurance activities banks could engage in. These regulations remain in place despite profound changes in the economic environment, in the structure of the national and international financial markets,...

Nearly seventy years after the last great stock market bubble and crash, another bubble emerged and burst, despite a thick layer of regulation designed since the 1930s to prevent such things. This time the bubble was enormous, reflecting nearly twenty years of double-digit stock market growth,...

Universal banks are multi-product firms in the financial services sector whose complexity is difficult to manage. Ingo Walter asks the question -- do they optimize invested capital? The author moves from book value to market value of equity by adjusting for value increases such as economies of...

Launching of the euro at the beginning of 1999 will accelerate reconfiguration of the financial intermediation process in Europe -- a process that is already well underway -- with dramatic consequences for commercial banking, investment banking, insurance and asset management functions. Banks,...

Very recent reports on Maxwell Communications Corporation and Enron clearly underlined a single important weakness in the behaviour of corporations and financial markets -- the exploitation of conflicts of interest. Although potential conflicts of interest are a fact of life among financial...