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The Organization of Bank A￠ liates; A Theoretical Perspective on Risk and E￠ ciency
bank organization bank risk Ö nancial synergies default costs bailouts
2014/6/23
We analyze theoretically banks choice of organization and leverage in branches or subsidiaries in the presence of economic and Önancial synergies, government bailouts and bankruptcy costs. We com...
This paper provides a critical evaluation of a widely made argument that
stock prices in markets with lower return R2
are more e￠ cient. We show that in
a standard rational expectations model, retu...