The Worker Adjustment and Retraining Notification (WARN) Act of 1989 mandated that at least 60 days advance notice be given to employees. Critics argued that its passage would decrease managerial flexibility in closing plants, subsequently reducing firm values. This study addresses this issue by...

We hypothesize that national differences in capital market regimes influence competitive outcomes within European banking. Using bank-level data from 13 European countries, 1998 to 2004, we find that equity market development and shareholder protection are related to bank capitalization and that...

We analyze investment and financing decisions for a broad sample of affiliated and independent banks during the 1994-1998 period. Our results indicate that growth in lending at affiliated banks is supported by net equity financing flows from parent holding companies. We also provide evidence...