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Working Paper
Securities activities by commercial banking firms' Section 20 subsidiaries: risk, return and diversification benefits
This paper studies the implications of securities activities on bank safety and soundness by comparing the ex-post returns between banking firms' Section 20 subsidiaries -- subsidiaries that were authorized by the Federal Reserve to conduct bank-ineligible securities activities -- and their commercial bank affiliates. I found that securities subsidiaries that are primary dealers of government securities, their higher risk partially comes from their higher leverage, whereas for those that are not primary dealers, despite having lower leverage, they tend to be riskier than their bank ...
Journal Article
Risk and return of banks' Section 20 securities affiliates
Conference Paper
Firewalls and the structure of the future
Conference Paper
Is securities brokerage the future of banking?
Conference Paper
Some evidence on the separation of commercial and investment banking