메뉴 건너뛰기




Volumn 41, Issue 8, 2009, Pages 1649-1669

On the riskiness of universal banking: Evidence from banks in the investment banking business Pre- and Post-GLBA

Author keywords

Financial holding companies; Gramm Leach Bliley Act; Idiosyncratic risk; Section 20 subsidiaries; Systematic risk; Total risk; Universal banking

Indexed keywords


EID: 70449387220     PISSN: 00222879     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.1538-4616.2009.00266.x     Document Type: Article
Times cited : (35)

References (31)
  • 1
    • 4444318299 scopus 로고    scopus 로고
    • The Market's Assessment of the Financial Services Modernization Act of 1999
    • and
    • Akhigbe, Aigbe, and Ann Marie Whyte 2001 The Market's Assessment of the Financial Services Modernization Act of 1999 Financial Review, 36, 119 138.
    • (2001) Financial Review , vol.36 , pp. 119-138
    • Akhigbe, A.1    Whyte, A.M.2
  • 2
    • 0042245340 scopus 로고    scopus 로고
    • The Risk Effects of Combining Banking, Securities, and Insurance Activities
    • and
    • Allen, Linda, and Julapa Jagtiani 2000 The Risk Effects of Combining Banking, Securities, and Insurance Activities Journal of Economics and Business, 52, 485 497.
    • (2000) Journal of Economics and Business , vol.52 , pp. 485-497
    • Allen, L.1    Jagtiani, J.2
  • 3
    • 27844437674 scopus 로고    scopus 로고
    • The Wealth and Risk Effects of the Gramm-Leach-Bliley Act (GLBA) on the US Banking Industry
    • and
    • Al Mamun, Abdullah, M. Kabir Hassan, and Neal Maroney 2005 The Wealth and Risk Effects of the Gramm-Leach-Bliley Act (GLBA) on the US Banking Industry Journal of Business Finance & Accounting, 32, 351 388.
    • (2005) Journal of Business Finance & Accounting , vol.32 , pp. 351-388
    • Al Mamun, A.1    Hassan, M.K.2    Maroney, N.3
  • 4
    • 33750959316 scopus 로고    scopus 로고
    • The Impact of the Gramm-Leach-Bliley Act on the Financial Services Industry
    • and
    • Al Mamun, Abdullah, M. Kabir Hassan, and Van Son Lai 2004 The Impact of the Gramm-Leach-Bliley Act on the Financial Services Industry Journal of Economics and Finance, 28, 333 347.
    • (2004) Journal of Economics and Finance , vol.28 , pp. 333-347
    • Al Mamun, A.1    Hassan, M.K.2    Van Son, L.3
  • 5
    • 0000016890 scopus 로고    scopus 로고
    • On the Wealth and Risk Effects of Commercial Bank Expansion into Securities Underwriting: An Analysis of Section 20 Subsidiaries
    • and
    • Bhargava, Rahul, and Donald R. Fraser 1998 On the Wealth and Risk Effects of Commercial Bank Expansion into Securities Underwriting: An Analysis of Section 20 Subsidiaries Journal of Banking and Finance, 22, 447 465.
    • (1998) Journal of Banking and Finance , vol.22 , pp. 447-465
    • Bhargava, R.1    Fraser, D.R.2
  • 6
    • 0001366584 scopus 로고
    • Capital Market Equilibrium with Restricted Borrowing
    • Black, Fischer 1972 Capital Market Equilibrium with Restricted Borrowing Journal of Business, 45, 444 454.
    • (1972) Journal of Business , vol.45 , pp. 444-454
    • Black, F.1
  • 8
    • 0040936329 scopus 로고
    • The Profitability and Risk Effects of Allowing Bank Holding Companies to Merge with Other Financial Firms: A Simulation Study
    • and
    • Boyd, John H., and Stanley L. Graham 1988 The Profitability and Risk Effects of Allowing Bank Holding Companies to Merge with Other Financial Firms: A Simulation Study Federal Reserve Bank of Minneapolis, Quarterly Review, 12, 3 20.
    • (1988) Federal Reserve Bank of Minneapolis, Quarterly Review , vol.12 , pp. 3-20
    • Boyd, J.H.1    Graham, S.L.2
  • 9
    • 0002084660 scopus 로고
    • Bank Holding Company Mergers with Non-Bank Financial Firms: Effects on the Risk of Failure
    • and
    • Boyd, John, Stanley Graham, and R.S. Hewitt 1993 Bank Holding Company Mergers with Non-Bank Financial Firms: Effects on the Risk of Failure Journal of Banking and Finance, 17, 43 63.
    • (1993) Journal of Banking and Finance , vol.17 , pp. 43-63
    • Boyd, J.1    Graham, S.2    Hewitt, R.S.3
  • 10
    • 0036765102 scopus 로고    scopus 로고
    • Capital Market Reactions to the Passage of the Financial Services Modernization Act of 1999
    • and
    • Carow, Kenneth, and Randall Heron 2002 Capital Market Reactions to the Passage of the Financial Services Modernization Act of 1999 Quarterly Review of Economics and Finance, 42, 465 485.
    • (2002) Quarterly Review of Economics and Finance , vol.42 , pp. 465-485
    • Carow, K.1    Heron, R.2
  • 11
    • 84869681717 scopus 로고    scopus 로고
    • Center for Research in Securities Prices
    • Center for Research in Securities Prices 2006 CRSP US Stock & US Indices Databases http://www.crsp.com/documentation/product/stkind/data- descriptions-guide.pdf.
    • (2006) CRSP US Stock & US Indices Databases
  • 12
    • 0042172941 scopus 로고    scopus 로고
    • Bank Performance around the Introduction of a Section 20 Subsidiary
    • and
    • Cornett, Marcia Millon, Evren Ors, and Hassan Tehranian 2002 Bank Performance around the Introduction of a Section 20 Subsidiary Journal of Finance, 57, 501 523.
    • (2002) Journal of Finance , vol.57 , pp. 501-523
    • Cornett, M.M.1    Ors, E.2    Tehranian, H.3
  • 13
    • 0012218998 scopus 로고    scopus 로고
    • The Erosion of the Glass-Steagall Act: Winners and Losers in the Banking Industry
    • Cyree, Ken 2000 The Erosion of the Glass-Steagall Act: Winners and Losers in the Banking Industry Journal of Economics and Business, 52, 343 363.
    • (2000) Journal of Economics and Business , vol.52 , pp. 343-363
    • Cyree, K.1
  • 14
    • 0031536608 scopus 로고    scopus 로고
    • Diversification, Size, and Risk at Bank Holding Companies
    • and
    • Demsetz, Rebecca, and Philip Strahan 1997 Diversification, Size, and Risk at Bank Holding Companies Journal of Money, Credit, and Banking, 29, 300 313.
    • (1997) Journal of Money, Credit, and Banking , vol.29 , pp. 300-313
    • Demsetz, R.1    Strahan, P.2
  • 15
    • 6344267229 scopus 로고    scopus 로고
    • Cash and Corporate Control
    • Faleye, Olubunmi 2004 Cash and Corporate Control Journal of Finance, 89, 2041 2060.
    • (2004) Journal of Finance , vol.89 , pp. 2041-2060
    • Faleye, O.1
  • 16
    • 0000125534 scopus 로고
    • Sample Selection Bias as a Specification Error
    • Heckman, James J 1979 Sample Selection Bias as a Specification Error Econometrica, 47, 153 161.
    • (1979) Econometrica , vol.47 , pp. 153-161
    • Heckman, J.J.1
  • 17
    • 33845440459 scopus 로고    scopus 로고
    • Winners and Losers as Financial Service Providers Converge: Evidence from the Financial Modernization Act of 1999
    • and
    • Hendershott, Robert J., Darrell E. Lee, and James G. Tompkins 2002 Winners and Losers as Financial Service Providers Converge: Evidence from the Financial Modernization Act of 1999 Financial Review, 37, 53 72.
    • (2002) Financial Review , vol.37 , pp. 53-72
    • Hendershott, R.J.1    Lee, D.E.2    Tompkins, J.G.3
  • 20
    • 70449445538 scopus 로고    scopus 로고
    • Regulatory Reform: Did Gramm-Leach-Bliley Contribute to Crisis
    • Oct 15-31.
    • Leach, James 2008 Regulatory Reform: Did Gramm-Leach-Bliley Contribute to Crisis Northwestern Financial Review, Oct 15-31.
    • (2008) Northwestern Financial Review
    • Leach, J.1
  • 21
    • 0003114587 scopus 로고
    • The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets
    • Lintner, John 1965 The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets Review of Economics and Statistics, 47, 13 37.
    • (1965) Review of Economics and Statistics , vol.47 , pp. 13-37
    • Lintner, J.1
  • 23
    • 0036764826 scopus 로고    scopus 로고
    • Welfare Effects of Expanding Banking Organization Opportunities in the Securities Arena
    • and
    • Narayanan, Rajesh P., Nanda K. Rangan, and Sridhar Sundaram 2002 Welfare Effects of Expanding Banking Organization Opportunities in the Securities Arena Quarterly Review of Economics and Finance, 42, 505 527.
    • (2002) Quarterly Review of Economics and Finance , vol.42 , pp. 505-527
    • Narayanan, R.P.1    Rangan, N.K.2    Sundaram, S.3
  • 24
    • 0141688286 scopus 로고    scopus 로고
    • The Performance of Universal Banks: Evidence from Switzerland
    • and
    • Rime, Bertrand, and Kevin Stiroh 2003 The Performance of Universal Banks: Evidence from Switzerland Journal of Banking and Finance, 27, 2121 2150.
    • (2003) Journal of Banking and Finance , vol.27 , pp. 2121-2150
    • Rime, B.1    Stiroh, K.2
  • 25
    • 84980092818 scopus 로고
    • Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk
    • Sharpe, William 1964 Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk Journal of Finance, 19, 425 482.
    • (1964) Journal of Finance , vol.19 , pp. 425-482
    • Sharpe, W.1
  • 26
    • 3843099775 scopus 로고    scopus 로고
    • Diversification in Banking: Is Noninterest Income the Answer
    • Stiroh, Kevin J 2004 Diversification in Banking: Is Noninterest Income the Answer Journal of Money, Credit and Banking, 36, 853 22.
    • (2004) Journal of Money, Credit and Banking , vol.36 , pp. 853-22
    • Stiroh, K.J.1
  • 27
    • 33747036456 scopus 로고    scopus 로고
    • A Portfolio View of Banking with Interest and Noninterest Activities
    • Stiroh, Kevin J 2006 A Portfolio View of Banking with Interest and Noninterest Activities Journal of Money, Credit and Banking, 38, 1351 1361.
    • (2006) Journal of Money, Credit and Banking , vol.38 , pp. 1351-1361
    • Stiroh, K.J.1
  • 28
    • 33746008542 scopus 로고    scopus 로고
    • The Dark Side of Diversification: The Case of U.S. Financial Holding Companies
    • and
    • Stiroh, Kevin J., and Adrienne Rumble 2006 The Dark Side of Diversification: The Case of U.S. Financial Holding Companies Journal of Banking and Finance, 30, 2131 2161.
    • (2006) Journal of Banking and Finance , vol.30 , pp. 2131-2161
    • Stiroh, K.J.1    Rumble, A.2
  • 30
    • 19944392883 scopus 로고    scopus 로고
    • Do Bank Relationships Affect the Firm's Underwriter Choice in the Corporate-Bond Underwriting Market
    • Yasuda, Ayako 2005 Do Bank Relationships Affect the Firm's Underwriter Choice in the Corporate-Bond Underwriting Market Journal of Finance, 60, 1259 1292.
    • (2005) Journal of Finance , vol.60 , pp. 1259-1292
    • Yasuda, A.1
  • 31
    • 34047227904 scopus 로고    scopus 로고
    • The Financial Services Modernization Act: Evolution or Revolution
    • and
    • Yeager, Timothy J., Fred C. Yeager, and Ellen Harshman 2007 The Financial Services Modernization Act: Evolution or Revolution Journal of Economic and Business, 59, 313 339.
    • (2007) Journal of Economic and Business , vol.59 , pp. 313-339
    • Yeager, T.J.1    Yeager, F.C.2    Harshman, E.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.