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This article designs a framework for evaluating the causes, consequences, and future implications of financial services industry consolidation, reviews the extant research literature within the context of this framework (over 250 references), and suggests fruitful avenues for future research. The evidence is consistent with increases in market power from(More)
We analyze the evolution of wages, education and occupations in the U.S. …nancial industry over the past century. Financial jobs were relatively skill intensive, complex, and highly paid before 1933 and after 1980, but not in the interim period. We investigate the determinants of these evolutions. Changes in …nancial regulations appear to be the main factor(More)
Stress inoculation training is an intervention that has shown considerable promise; however, many questions arise regarding the application of this clinically based approach to more applied workplace settings. A meta-analysis was conducted to determine the overall effectiveness of stress inoculation training and to identify conditions that may moderate the(More)
The Wharton Financial Institutions Center provides a multidisciplinary research approach to the problems and opportunities facing the financial services industry in its search for competitive excellence. The Center's research focuses on the issues related to managing risk at the firm level as well as ways to improve productivity and performance. The Center(More)
  • Alexander Ljungqvist, Felicia Marston, +21 authors Peter Tufano
  • 2003
We investigate directly whether analyst behavior influenced the likelihood of banks winning underwriting mandates for a sample of 16,625 U.S. debt and equity offerings sold between December 1993 and June 2002. We control for the strength of the issuer's investment-banking relationships with potential competitors for the mandate, prior lending relationships,(More)
Unni for their helpful comments and suggestions. Special thanks to Ken Garbade for spending many hours reading and commenting on every draft of this paper. Many thanks to the Bank of Israel and the Tel-Aviv Stock Exchange for providing the data and responding to our innumerable questions. Finally, we thank René Stulz and the referee of this paper for their(More)
NOTE: International Finance Discussion Papers are preliminary materials circulated to stimulate discussion and critical comment. References in publications to International Finance Discussion Papers (other than an acknowledgment that the writer has had access to unpublished material) should be cleared with the author or authors. Recent IFDPs are available(More)
The opinions expressed do not necessarily reflect those of the Federal Reserve Board, the Chicago Reserve Bank, or their staffs. The authors thank Abstract We test some predictions about the effects of technological progress on geographic expansion using data on banks in U.S. multibank holding companies over 1985-1998. Specifically, we test whether over(More)
  • Zsuzsanna Fluck, Douglas Holtz-Eakin, +20 authors John Yinger
  • 1998
Using data from the Wisconsin Entrepreneurial Climate Study, we study the sources of firms' finance during the very early stages of their lives. Our focus is the evolution of the mix of financial capital from " insiders " and " outsiders " as firms age. We find that at the beginning of firms' life cycles, the proportion of funds from internal sources(More)