There are many instances where financial claims trade at prices set by intermediaries. Pricing by an intermediary introduces the potential for economic distortions from innumerable sources. As one example, we show that nonsynchronous-trading generates predictable, readily exploitable, changes in...

The authors study the effects of regulatory oversight on internal and external mechanisms to change corporate control by examining all thrifts that were publicly traded in 1990 for significant influences on whether these thrifts continued as public concerns, were acquired or were censured by the...

Since 1995 two Spanish banks -- Banco Santander Central Hispano and Banco Bilbao Vizcaya -- have become the largest foreign banks in retail banking in Latin America. This recent development merits careful analysis because foreign direct investment is rare in retail banking. We find that the...