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An Examination of the Equity Market Response to The Gramm-Leach-Bliley Act Across Commercial Banking, Investment Banking, and Insurance Firms

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Author Info

  • H. Semih Yildirim
  • Seung-Woog (Austin) Kwag
  • M. Cary Collins

Abstract

This paper examines the wealth effects of the events surrounding the passage of the Gramm-Leach-Bliley Act of 1999 and changes in systematic risk from the pre-Act period to the post-Act period for commercial banks, investment banks, and insurance firms. The results suggest that investment banks and insurance firms are better positioned to exploit the benefits of product-line diversification opportunities allowed by the legislation compared to commercial banks that experience no significant market reaction. Further evidence indicates a significant risk shift and overall reduction in riskiness for the financial sectors under consideration around the event period. Copyright 2006 The Authors Journal compilation (c) 2006 Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Business Finance & Accounting.

Volume (Year): 33 (2006-11)
Issue (Month): 9-10 ()
Pages: 1629-1649

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Handle: RePEc:bla:jbfnac:v:33:y:2006-11:i:9-10:p:1629-1649

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0306-686X

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Cited by:
  1. Christian Weller, 2009. "Credit Access, the Costs of Credit and Credit Market Discrimination," The Review of Black Political Economy, Springer, vol. 36(1), pages 7-28, March.
  2. Christian E. Weller, 2007. "Have Differences in Credit Access Diminished in an Era of Financial Market Deregulation?," Working Papers wp144, Political Economy Research Institute, University of Massachusetts at Amherst.
  3. Filson, Darren & Olfati, Saman, 2014. "The impacts of Gramm–Leach–Bliley bank diversification on value and risk," Journal of Banking & Finance, Elsevier, vol. 41(C), pages 209-221.

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