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Requiem for a Market Maker: The Case of Drexel Burnham Lambert and Junk Bonds

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Author Info
Elijah Brewer
William Jackson
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File URL: http://hdl.handle.net/10.1023/A:1008118702558
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Publisher Info
Article provided by Springer in its journal Journal of Financial Services Research.

Volume (Year): 17 (2000)
Issue (Month): 3 (September)
Pages: 209-235
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:kap:jfsres:v:17:y:2000:i:3:p:209-235

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Related research
Keywords: market maker; bankruptcy; market efficiency; junk bonds; intermediation;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Slovin, Myron B & Sushka, Marie E & Polonchek, John A, 1993. " The Value of Bank Durability: Borrowers as Bank Stakeholders," Journal of Finance, American Finance Association, vol. 48(1), pages 247-66, March. [Downloadable!] (restricted)
  2. Edward J. Kane & Haluk Unal, 1990. "Modeling Structural and Temporal Variation in the Market's Valuation of Banking Firms," NBER Working Papers 2693, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Booth, James R. & Smith, Richard II, 1986. "Capital raising, underwriting and the certification hypothesis," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 261-281. [Downloadable!] (restricted)
  4. Cornell, Bradford & Shapiro, Alan C., 1986. "The reaction of bank stock prices to the international debt crisis," Journal of Banking & Finance, Elsevier, vol. 10(1), pages 55-73, March. [Downloadable!] (restricted)
  5. John J. Binder, 1985. "Measuring the Effects of Regulation with Stock Price Data," RAND Journal of Economics, The RAND Corporation, vol. 16(2), pages 167-183, Summer. [Downloadable!] (restricted)
  6. Grossman, S.J. & Miller, M.H., 1988. "Liquidity And Market Structure," Papers 88, Princeton, Department of Economics - Financial Research Center.
    Other versions:
  7. Benveniste Lawrence M. & Singh Manoj & Wilhelm Jr. , William J., 1993. "The Failure of Drexel Burnham Lambert: Evidence on the Implications for Commercial Banks," Journal of Financial Intermediation, Elsevier, vol. 3(1), pages 104-137, October. [Downloadable!] (restricted)
  8. Binder, John J, 1988. "The Sherman Antitrust Act and the Railroad Cartels," Journal of Law & Economics, University of Chicago Press, vol. 31(2), pages 443-68, October.
  9. Tufano, Peter, 1989. "Financial innovation and first-mover advantages," Journal of Financial Economics, Elsevier, vol. 25(2), pages 213-240, December. [Downloadable!] (restricted)
  10. Yakov Amihub & Haim Mendelson, 1989. "Liquidity And Cost Of Capital: Implications For Corporate Management," Journal of Applied Corporate Finance, Morgan Stanley, vol. 2(3), pages 65-73. [Downloadable!] (restricted)
  11. Flannery, Mark J & James, Christopher M, 1984. " The Effect of Interest Rate Changes on the Common Stock Returns of Financial Institutions," Journal of Finance, American Finance Association, vol. 39(4), pages 1141-53, September. [Downloadable!] (restricted)
  12. Malatesta, Paul H., 1986. "Measuring Abnormal Performance: The Event Parameter Approach Using Joint Generalized Least Squares," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 21(01), pages 27-38, March. [Downloadable!]
  13. Kane, Edward J & Unal, Haluk, 1990. " Modeling Structural and Temporal Variation in the Market's Valuation of Banking Firms," Journal of Finance, American Finance Association, vol. 45(1), pages 113-36, March. [Downloadable!] (restricted)
  14. Amihud, Yakov & Mendelson, Haim, 1986. "Asset pricing and the bid-ask spread," Journal of Financial Economics, Elsevier, vol. 17(2), pages 223-249, December. [Downloadable!] (restricted)
  15. Hoshi, Takeo & Kashyap, Anil & Scharfstein, David, 1990. "The role of banks in reducing the costs of financial distress in Japan," Journal of Financial Economics, Elsevier, vol. 27(1), pages 67-88, September. [Downloadable!] (restricted)
    Other versions:
  16. Swary, Itzhak, 1986. "Stock Market Reaction to Regulatory Action in the Continental Illinois Crisis," Journal of Business, University of Chicago Press, vol. 59(3), pages 451-73, July. [Downloadable!] (restricted)
  17. DeAngelo, Harry & DeAngelo, Linda & Gilson, Stuart C., 1996. "Perceptions and the politics of finance: Junk bonds and the regulatory seizure of First Capital Life," Journal of Financial Economics, Elsevier, vol. 41(3), pages 475-511, July. [Downloadable!] (restricted)
  18. Schwert, G William, 1981. "Using Financial Data to Measure Effects of Regulation," Journal of Law & Economics, University of Chicago Press, vol. 24(1), pages 121-58, April.
  19. Fama, Eugene F. & Jensen, Michael C., 1985. "Organizational forms and investment decisions," Journal of Financial Economics, Elsevier, vol. 14(1), pages 101-119, March. [Downloadable!] (restricted)
  20. Shleifer, Andrei & Vishny, Robert W, 1992. " Liquidation Values and Debt Capacity: A Market Equilibrium Approach," Journal of Finance, American Finance Association, vol. 47(4), pages 1343-66, September. [Downloadable!] (restricted)
  21. Smith, Clifford Jr., 1986. "Investment banking and the capital acquisition process," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 3-29. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Gabe Bondt & David Ibáñez, 2005. "High-Yield Bond Diffusion in the United States, the United Kingdom, and the Euro Area," Journal of Financial Services Research, Springer, vol. 27(2), pages 163-181, April. [Downloadable!] (restricted)
  2. Gregory Price, 2008. "NEA Presidential Address: Black Economists of the World You Cite!!," The Review of Black Political Economy, Springer, vol. 35(1), pages 1-12, March. [Downloadable!] (restricted)
  3. Nicola Cetorelli & Beverly Hirtle & Donald Morgan & Stavros Peristiani & João Santos, 2007. "Trends in financial market concentration and their implications for market stability," Economic Policy Review, Federal Reserve Bank of New York, issue Mar, pages 33-51. [Downloadable!]
  4. Gabe de Bondt & David Marqués, 2004. "The high-yield segment of the corporate bond market: a diffusion modelling approach for the United States, the United Kingdom and the euro area," Working Paper Series 313, European Central Bank. [Downloadable!]
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