We investigate the level of underpricing and the long-term stock market performance of financial exchange initial public offerings (IPOs) and find that, despite being more underpriced, the financial exchange IPOs significantly outperform the market indexes and a control sample of regular IPOs....

Recent developments in the stock industry including technological development and the emergence of electronic communication networks have forced some exchanges to change their organizational structure by demutualizing and becoming for-profit entities. We examine the risk-taking behavior of...

The banking structure in the US is less concentrated, more competitive and less restrictive, whereas that of Canada is more concentrated, less competitive, and more restrictive. In the wake of the worst financial crisis in 2008, most US banks were bailed out while Canadian banks sailed through...

We examine the risk-taking behavior of privatized banks prior to and after privatization and find that privatized banks experience a significant decrease in risk after privatization but they continue to exhibit higher risk taking than their rivals. This finding is consistent with the assertion...

We examine the effects of government liquidity infusion on the risk taking behavior of Canadian banks and find that banks that received government financial assistance subsequently experienced a decrease in risk. The reduction in risk is induced by a shift from non-interest income related...