This paper reviews the vast academic literature on the market for corporate control. Our main
focus is the cyclical wave pattern that this market exhibits. We address the following …

The “transaction cost” theory of the firm introduced by Coase (1937) has become a standard
framework for the study of institutional arrangements. The Coasian framework helps explain …

The unfortunate price paid by the rapid growth of the global economy is the destruction of
the ecological environment, yet financial development represented by the establishment of …

M ORE than forty years have passed since Coase's fundamental insight that transaction,
coordination, and contracting costs must be considered explicitly in explaining the extent of …

Potential diversification benefits are one reason why US financial holding companies are
offering a growing range of financial services. This paper examines whether the observed …

This article designs a framework for evaluating the causes, consequences, and future
implications of financial services industry consolidation, reviews the extant research …

MERGERS AND ACQUISITIONS among very large financial institutions are becoming more
frequent in markets around the world, attracting the attention of policymakers, researchers …

This paper seeks to identify the characteristics that make individual US banks more likely to
fail or be acquired. We use bank-specific information to estimate competing-risks hazard …

Banking and finance play a fundamental role in public policy and economic performance as
well as in all forms of commerce and industry. They are crucial in determining whether …

What is the relationship between the financial system and politics? In a democratic system,
what kind of control should elected governments have over the financial markets? What …