Working Paper
The Financial Modernization Act: evolution or revolution?
Yeager, Fred C.; Yeager, Timothy J.; Harshman, Ellen (2004)
The Gramm-Leach-Bliley Act (GLBA) removed the barriers that separated commercial banking from investment banking, merchant banking, and insurance activities. Did this legislation revolutionize the financial services industry by allowing Financial Holding Companies (FHCs) to exploit revenue efficiencies and cost economies, or did it merely formalize an evolutionary process of deregulation that was already well underway? Our evidence refutes the notion that the GLBA was a revolutionary event, at least in the short run. Using a combination of market and accounting data, we find that, to date, ...
Supervisory Policy Analysis Working Papers , Paper 2004-05

Journal Article
The door is open, but banks are slow to enter insurance and investment arenas
Yeager, Fred C.; Yeager, Timothy J.; Harshman, Ellen (2005-10)
Congress opened the door five years ago for banks to enter the insurance and investment arenas, but the expected rush has yet to occur. That's probably fine with critics, who feared that the return of universal banks would bring back Depression-like instability.
The Regional Economist , Issue Oct , Pages 4-9