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Conference Paper
Is securities brokerage the future of banking?
Report
Do underwriters matter? The impact of the near loss of an equity underwriter
The financial crisis provides a natural experiment for testing theoretical predictions of the equity underwriter's role following an initial public offering. Clients of Bear Stearns, Lehman Brothers, Merrill Lynch, and Wachovia saw their stock prices fall almost 5 percent, on average, on the day it appeared that their equity underwriter might collapse. Representing a loss in equity value of more than $3 billion, the decline was more than 1 percent lower than the conditional return predicted by a market model. The price impact was worse for companies with more opaque operations and fewer ...
Conference Paper
Bank securities powers: are there diversification gains?
Conference Paper
Banks and bubbles: how good are bankers at spotting winners?
Working Paper
Equity underwriting risk
Journal Article
Uniting investment and commercial banking
Speech
Housing and the economic recovery
Remarks at the New Jersey Bankers Association Economic Forum, Iselin, New Jersey.
Conference Paper
Equity underwriting risk