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As the financial services industry becomes increasingly
international, the more narrowly defined and historically protected
national financial markets become less significant. Consequently,
financial institutions must achieve a critical size in order to
compete. Bank Mergers & Acquisitions analyses the major issues
associated with the large wave of bank mergers and acquisitions in
the 1990's. While the effects of these changes have been most
pronounced in the commercial banking industry, they also have a
profound impact on other financial institutions: insurance firms,
investment banks, and institutional investors. Bank Mergers &
Acquisitions is divided into three major sections: A general and
theoretical background to the topic of bank mergers and
acquisitions; the effect of bank mergers on efficiency and
shareholders' wealth; and regulatory and legal issues associated
with mergers of financial institutions. It brings together
contributions from leading scholars and high-level practitioners in
economics, finance and law.
As the financial services industry becomes increasingly
international, the more narrowly defined and historically protected
national financial markets become less significant. Consequently,
financial institutions must achieve a critical size in order to
compete. Bank Mergers & Acquisitions analyses the major issues
associated with the large wave of bank mergers and acquisitions in
the 1990's. While the effects of these changes have been most
pronounced in the commercial banking industry, they also have a
profound impact on other financial institutions: insurance firms,
investment banks, and institutional investors. Bank Mergers &
Acquisitions is divided into three major sections: A general and
theoretical background to the topic of bank mergers and
acquisitions; the effect of bank mergers on efficiency and
shareholders' wealth; and regulatory and legal issues associated
with mergers of financial institutions. It brings together
contributions from leading scholars and high-level practitioners in
economics, finance and law.
This is a reprint of a previously published book. It consists of a
series of papers by experts in the field on how the exchange rate
volatility of the 1980s affected the financial policies of
international firms.
Papers presented at a conference held at the Leonard N. Stern
School of Business, New York University, on May 20, 1988, and
sponsored by the Salomon Brothers Center for the Study of Financial
Institutions. The 1989 edition of this proceedings volume was
published by Dow-Jones-Irwin. Academics, legis
First published in 1985, this volume examined the development of
the United States securities market over the ten years following
the 1975 Securities Acts Amendments. Presented by Amihud
(entrepreneurial finance, New York U.), Ho (president, Thomas Ho
Company), and Schwartz (finance, Baruch College)
This book presents the theory and evidence on the effect of market
liquidity and liquidity risk on asset prices and on overall
securities market performance. Illiquidity means incurring a high
transaction cost, which includes a large price impact when trading
and facing a long time to unload a large position. Liquidity risk
is higher if a security becomes more illiquid when it needs to be
traded in the future, which will raise trading cost. The book shows
that higher illiquidity and greater liquidity risk reduce
securities prices and raise the expected return that investors
require as compensation. Aggregate market liquidity is linked to
funding liquidity, which affects the provision of liquidity
services. When these become constrained, there is a liquidity
crisis which leads to downward price and liquidity spiral. Overall,
the volume demonstrates the important role of liquidity in asset
pricing.
This book presents the theory and evidence on the effect of market
liquidity and liquidity risk on asset prices and on overall
securities market performance. Illiquidity means incurring a high
transaction cost, which includes a large price impact when trading
and facing a long time to unload a large position. Liquidity risk
is higher if a security becomes more illiquid when it needs to be
traded in the future, which will raise trading cost. The book shows
that higher illiquidity and greater liquidity risk reduce
securities prices and raise the expected return that investors
require as compensation. Aggregate market liquidity is linked to
funding liquidity, which affects the provision of liquidity
services. When these become constrained, there is a liquidity
crisis which leads to downward price and liquidity spiral. Overall,
the volume demonstrates the important role of liquidity in asset
pricing.
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