We provide evidence on the potential wealth effects of the 1996 U.S. Supreme Court decision that the U.S. government had violated contractual obligations when, in 1989, it passed legislation prohibiting savings and loan associations from counting quot;supervisory goodwillquot; as capital. The...

We have attempted to explain why professional service firms (PSFs) even in some of the most canonical examples (e.g., law firms) fail to follow the traditional definition. Growth in the size and geographic diversification of law firms has transformed their organizational structures and in some...