I study the capital structure of non-financial firms that own a financial subsidiary. In a panel of U.S. non-financial firms over 1984-2007 I find that a significant part of the overall Compustat non-financial universe maintains a financial subsidiary. Such non-financial firms have higher...

[...]In this paper, we study the strength of incentive featuresin banks’ top-management compensation contracts. Weexamine the properties of bank-management compensationstructures, including pay-performance sensitivity, using datafrom 1992 to 2000. Based on existing theory, we hypothesizethat...

How does bank integration affect the market for corporate control for nonfinancial firms? We provide causal evidence that interstate bank deregulation affects acquisitions mainly through reducing the information asymmetry between acquirers and targets, instead of increased credit supply. After...