The analysis of US M&A transactions through the last decades reveals a striking and sharp declining in the percentage of transactions fully paid in stock since 2001, the year of pooling and goodwill amortization abolishment (SFAS 141 and 142). Can accounting rule changes have had such far...

This paper studies a modern monetary economy: trade in both goods and securities relies on money provided by intermediaries. While money is valued for its liquidity, its creation requires costly leverage. Inflation, security prices and the transmission of monetary policy then depend on the...

The purpose of this paper is to examine the wealth effect of the Check Clearing for the 21st Century Act, also known as Check 21, on bank stock return. We use event study analysis on thirty-four U.S. bank stocks listed on the New York Stock Exchange. Our analysis reveals that Check 21 is...