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On the Riskiness of universal banking: evidence from banks in the investment banking business Pre- and Post-GLBA
We explore whether an economically significant differential exists in market-based risk measures between universal banks and traditional banks. Using a three-asset portfolio regression model, we find that between 1990 and 2007 - a period of gradual deregulation culminating in passage of the Gramm-Leach-Bliley Act (GLBA) of 1999 - an increased participation in investment banking was associated with higher total and unsystematic risks and no significant change in systematic risk. Small risk-reduction benefits emerged in the post-GLBA era, but such benefits were likely the result of the particular sample period rather than a fundamental change in bank structure following the GLBA. Our results cannot justify the GLBA on risk-reduction grounds, though the Act may be defensible for other reasons..Printed journal
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | : The Ohio State University |
|---|---|
| Edisi | - |
| Subjek | Regression analysis Investment banking Models US studies Financial Services Modernization Act 1999 |
| ISBN/ISSN | 222879 |
| Klasifikasi | - |
| Deskripsi Fisik | - |
| Info Detail Spesifik | - |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas | Tidak Ada Data |