Journal Article
Alternative methods of corporate control in commercial banks
Prowse, Stephen D. (1995-07)
In this article, Stephen Prowse investigates how owners of commercial banks encourage management to follow value-maximizing policies. While the "corporate control mechanism" in nonfinancial firms is well documented, for the banking industry much less evidence is available. Moreover, unique factors in the operating environment of commercial banks may mean that their corporate control mechanism operates differently from that of nonfinancial firms. ; Prowse analyzes a sample of bank holding companies (BHCs) from 1987 to 1992 to determine how many underwent a change in corporate control by ...
Economic and Financial Policy Review , Issue Q III , Pages 24-36

Journal Article
The economics of private placements : middle-market corporate finance, life insurance companies, and a credit crunch
Prowse, Stephen D. (1997-07)
In this article, Stephen Prowse examines the private placement market. Like the bank loan market, this market is information-intensive: parties negotiate lending terms, lenders evaluate and monitor borrowers' credit risk, covenants are used to control risk, and borrowers lack access to public debt markets. There are also differences from the bank loan market : debt instruments are securities, not loans; maturities are longer; interest rates are fixed, not floating; and the principal investors are life insurance companies not banks. The article provides evidence on the credit crunch that ...
Economic and Financial Policy Review , Issue Q III , Pages 12-24

Journal Article
Corporate finance in international perspective: legal and regulatory influences on financial system development
Prowse, Stephen D. (1996-07)
In the postwar period, systems of corporate finance and governance have emerged in the United States, Japan, and Germany that are dramatically different from one another. To date, there has been little focus on why. Stephen Prowse argues that differences in three aspects of the legal and regulatory environments in these countries are responsible. First, the severity of legal and regulatory restraints on financial institutions being "active" investors in firms. Second, the degree to which corporate securities markets are suppressed by regulation. Finally, the degree to which securities ...
Economic and Financial Policy Review , Issue Q III , Pages 2-15

Journal Article
The economics of the private equity market
Prowse, Stephen D. (1998-07)
The private equity market is an important source of funds for start-ups, private middle-market companies, firms in financial distress, and public firms seeking buyout financing. Over the past fifteen years, it has been the fastest growing corporate finance market, far surpassing the public equity and public and private bond markets. In this article, Stephen Prowse examines the economic foundations of the private equity market and describes its institutional structure. He also explores reasons for the market's explosive growth and highlights the main characteristics of that growth, including ...
Economic and Financial Policy Review , Issue Q III , Pages 21-34

Journal Article
Stock market fundamentals
Prowse, Stephen D. (1997-11)
Southwest Economy , Issue Nov , Pages 5-8

Journal Article
Is Texas' real estate boom a house of cards?
Prowse, Stephen D. (1995-05)
Southwest Economy , Issue May , Pages 1-2, 6

Journal Article
A look at America's corporate finance markets
Prowse, Stephen D. (1996-03)
Southwest Economy , Issue Mar , Pages 5-9

Journal Article
Government deficits: good, bad or irrelevant?
Prowse, Stephen D. (1995-05)
Southwest Economy , Issue May , Pages 3-6

Journal Article
Corporate financing and governance: an international perspective
Prowse, Stephen D. (1997-09)
Southwest Economy , Issue Sep , Pages 9-10

Working Paper
What's good for GM...? Using auto industry stock returns to forecast business cycles and test the Q-theory of investment
Prowse, Stephen D.; Duffee, Gregory R. (1996)
Working Papers , Paper 9610