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Journal Article
Path-dependent options
Working Paper
Investment opportunity set, product mix, and the relationship between bank CEO compensation and risk-taking
The product mix changes that have occurred in banking organizations during the 1990s provide a natural experiment for investigating how firms adjust their executive compensation contracts as their mix of businesses changes. Deregulation and new technology have eroded banking organizations? comparative advantages and have made it easier for nonbank competitors to enter banking organizations? lending and deposit-taking businesses. In response, banking organizations have shifted their sale mix toward noninterest income by engaging in municipal revenue bond underwriting, commercial paper ...
Working Paper
Potential diversification and bank acquisition prices
Journal Article
Determinants of de novo bank performance