We investigate whether asymmetric information affects the choice of the medium of payment (pure equity vs. pure cash) in U.S. takeover bids during the 1986-2008 period. To this end, we combine proxies for asymmetric information with proxies for the financial characteristics of both the bidding...

We apply the new panel convergence methodology developed by Phillips and Sul (Econometrica, 2007) on thirteen financial development indices from the World Bank's Financial Development and Structure database, to test for financial system convergence across a large set of industrial and developing...

Over the past quarter century, the great wave of financial liberalization, together with advances in information-processing-technology and finance theory, created severe competitive pressures on both the asset and liability sides of bank balance sheets and, on the positive side, allowed banks to...

We explore the observable characteristics of sustainable banks, using a hand-collected dataset comprising of all public US bank holding companies, for the period 1999-2011. Our results indicate that sustainable banks are characterized by superior performance, more prudent behavior and a business...