During 2001, investors, politicians, regulatory agencies, and the media have voiced a common sentiment: Wall Street has a credibility problem. Specifically, can the investing public trust the research analysis and recommendations they receive from Wall Street analysts? At issue is the...

State guaranty funds provide partial protection to life insurance holders in the event of an insolvency, thus creating a moral hazard problem akin to the one associated with deposit insurance in the banking industry. We find that differences across states in the financing of these government...

While the effects of focus have been studied primarily in the context of diversification across industries, a study of focus within one industry can further our understanding of the drivers that underlie focus effects. In particular, we study the effects of focus in the mutual fund industry. We...

In this introductory chapter to an upcoming book, the authors discuss the two principal types of efficiency frontier methodologies - the econometric (parametric) approach and the mathematical programming (non-parametric) approach. Frontier efficiency methodologies are discussed as useful in a...

Singapore's "Big 4" banks, plus the newly merged Keppel TatLee Bank, have offices throughout the Asia-Pacific area, in London and North America as well and are also acquiring banks in Asia. Several factors have been particularly salient in explaining the timing and location of their expansion:...

The structure of European banking markets has substantially changed over the past decade, partially as a result of the creation of the Single Internal Market. The process of integration and accompanying deregulation has embodied an incentive for bank management to focus on improving efficiency,...

The proposition that the way firms manage their labor forces should be consistent with their organization strategy might seem both obvious and noncontroversial. What this means in practice in a turbulent industry such as consumer financial service, however, is by no means obvious. Human resource...

This paper addresses the question of whether existing institutional differences in banking systems affect bank competition in capital markets. Post-deregulation competition between entrant commercial banks and incumbent investment banks in the Japanese corporate bond underwriting market is...

This paper summarizes and quantifies past changes in the U.S. commercial banking industry and forecasts what the future may hold. It emphasizes regulatory changes and technical and financial innovations as the central driving forces behind transformation of the industry. Changes in the...