Deregulation in investment banking: industry concentration following Rule 415

Article Abstract:

The impact of the introduction of Rule 415 in 1983 on the investment banking industry is investigated. The regulation introduced shelf regulation of new securities as part of the SEC's efforts to simplify the system of taking new security issues to the market. Investment banking activity around the passage of the rule is analyzed by focusing on the industry's concentration of business during this period and by examining stock price reactions to tombstone announcements prior to the rule's introduction. The results are discussed.

Investment Banking and Securities Dealing, Investment Banking, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Security brokers and dealers, Banking Regulation, Research, Investment banks, Deregulation, Banking law, Industrial concentration, Stock transfer

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Differential impact on bank valuation of interstate banking law changes

Article Abstract:

The effect of liberalized interstate banking regulations on bank stock prices was investigated using a parameter event study technique. The results showed that the main beneficiaries of interstate banking law changes were out-of-state and out-of-region banks. On the other hand, money center banks have not benefitted much from these changes since they opened interstate banking opportunities to others.

Interstate banking

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The market valuation effects of the Financial Institutions Reform, Recovery and Enforcement Act of 1989

Article Abstract:

The effect of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) on stock market valuation was investigated. The results showed that FIRREA produced substantial pe to the perception among market participants that higher capital standards would help address the problems pervading in the thrift industry.

Analysis, Stock-exchange, Stock exchanges

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