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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)
Estimates of average default probabilities for borrowers assigned to each of a ®nancial institution's internal credit risk rating grades are crucial inputs to portfolio credit risk models. Such models are increasingly used in setting ®nancial institution capital structure, in internal control and compensation systems, in asset-backed security design, and(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publications to International Finance Discussion Papers (other than an acknowledgment that the writer has had access to unpublished material) should be cleared with the author or authors.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)
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)
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)
  • T Saunders
  • 2003
Biological rhythms, physical wellbeing and mental states are dependent on our electrical brainwave system interacting with the extremely weak electromagnetic fields generated by the Earth's telluric and Cosmic radiations. In a single generation, since the evolution of humankind over millions of years, we are exposed to a wide range of powerful, artificially(More)
Financial Structure. Two anonymous referees and Gary Gorton (the editor) provided unusually thoughtful and thorough criticisms. We also thank Avi Peled for Herculean (or as one coauthor prefers, Xenaean) research assistance, and Allen Berger and Joseph Scalise for generously providing their program for calculating duration. Earlier versions of this paper(More)
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