Starting in March 2023, depositor runs quickly led to the failures of Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank. In the wake of higher interest rates, uninsured depositors of these banks had lost confidence in their business model of taking in deposits and investing the...

The financial collapse of Fannie Mae and Freddie Mac in 2008 led to one of the most sweeping government interventions in private financial markets in history. The bailout has already cost American taxpayers close to

In October 1996 the Archer Daniels Midland Company (ADM) pled guilty to criminal price fixing with respect to sales of lysine and agreed to pay a $70 million fine. Earlier, in August 1996 two Japanese producers and a Korean producer of lysine had agreed to plead guilty to criminal price fixing...

With little fanfare last September, President Bush signed the Credit Rating Agency Reform Act of 2006, in an effort to open what had been a murky, government-sanctioned cartel of bond-rating firms. An optimist could argue that new law will make rater certification more transparent and open the...

Fannie Mae and Freddie Mac, the two large government-sponsored enterprises (GSEs) that are at the center of US residential mortgage finance, are “elephants in the room” that are being ignored as part of broad-brush financial sector reform. Neither the Dodd–Frank Act nor recently proposed...

We study the dynamics of market entry following mergers and acquisitions (Mamp;As) using banking industry data. The findings suggest that Mamp;As are associated with significant subsequent increases in the probability of entry and may explain more than 20% of entry in metropolitan markets, and...