This paper analyzes empirical evidence regarding mergers and acquisitions in the global financial services industry. It examines the global deal-flow during the eleven-year period 1985-95 and generates a global typology of intra- and inter-sectoral Mamp;A transactions among and between banks,...

The Mexican financial crisis of late 1994 and early 1995 resulted in a linked collapse of stock market values in almost all developing countries, regardless of economic policies or performance. The contagion effect was clear, and much commented on, if not fully explainable by either theory or...

This paper examines the competitive dynamics of the securities industry in Europe and seeks to identify the major sources of competitive advantage for firms participating in the European industry in the future. It compares a variety of developments to date in the European market with those that...

This paper analyzes empirical evidence regarding mergers and acquisitions in the global financial services industry. It examines the global deal-flow during the eleven-year period 1985-95 and generates a global typology of intra- and inter-sectoral Mamp;A transactions among and between banks,...

This paper examines the potential for conflicts of interest in the debt ratings business. Inherent in the current business model is the fact that firms whose obligations are rated by the agencies pay fees for those ratings, which in turn comprises virtually all of the revenues of the rating...

This paper examines the potential for conflicts of interest in the debt ratings business. Inherent in the current business model is the fact that firms whose obligations are rated by the agencies pay fees for those ratings, which in turn comprises virtually all of the revenues of the rating...

The 2014-15 US initiatives in revising its policy toward Cuba after more than a half half century provides a natural experiment in transition from a command economy to something approaching a market-driven system. In many ways it is a cleaner experiment than experienced in Eastern Europe,...

It seems clear, based on what we have seen in the aftermath of the financial crisis of 2008, that all of the large banks will have to change to survive as viable financial service enterprises. The new regulatory regime has brought the era of banks as growth stocks to a close. A different...

The Jumpstart Our Business Startups (JOBS) Act was passed by Congress with bipartisan support and signed into law in 2012. Many regulators and investor advocates opposed the new law because the securities it was enabling the sale of were very risky, and the public at large was unlikely to fully...