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| Author: | Saunders, A. Smirlock, M. |
| Title: | Intra- and interindustry effects of bank securities market activities : the case of discount brokerage. |
| Journal: | Journal of Financial and Quantitative Analysis
1987 : DEC, VOL. 22:4, p. 467-482 |
| Index terms: | SECURITIES COMMERCIAL BANKS DISCOUNT HOUSES SHARE PRICES |
| Language: | eng |
| Abstract: | Despite heavy debate, there has been little empirical analysis concerning commercial bank expansion into securities market. To examine the risk and return effects of the announcement of bank entry into discount brokerage we apply the stock price response of commercial banks and securities firms. We prove that bank profitability and risk were hardly effected by such an entry, but securities firms suffered a dramatic decline in market value. Our results indicate that the objection of securities firms to bank discount brokerage was mainly self-motivated. |
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