We examine the impact of initial public offerings (IPOs) on rival firms and find that the valuation effects are insignificant. This insignificant reaction can be explained by offsetting information and competitive effects. Significant positive information effects are associated with IPOs in...

We examine the impact of the events leading up to and including the passage of the Financial Services Modernization Act (FSMA) of 1999 on the stock returns of banks, brokerage firms, and insurance companies. We find that the impact is positive for all institutions. Bank gains are positively...

We analyze the changes in capital market risk measures following the passage of the Sarbanes-Oxley (SOX) Act of 2002 for publicly-traded insurers. The most substantive impact occurs for life insurers, who experience significant increases in all risk measures, although we also document...