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Full-Text Articles in Finance and Financial Management
Acquisitions And Regulatory Arbitrage By Captive Finance Companies, Deborah Smith, Mina Glambosky, Kimberly Gleason, K. Bryan Menk
Acquisitions And Regulatory Arbitrage By Captive Finance Companies, Deborah Smith, Mina Glambosky, Kimberly Gleason, K. Bryan Menk
Business Faculty Publications
Captive finance firms play an important role as financial intermediaries. Yet, they receive little attention in financial research. Recently, finance companies have grown by engaging in acquisition activities. Given their unique characteristics, finance companies may be more capable of extracting gains from acquisitions than other firms. We explain their advantages, and assess the market response and long-term valuation of finance companies that engage in acquisitions. Our results indicate that acquisitions by captive finance firms are wealth enhancing in the short term and the long term. However, the market reacts negatively when flexible captive financing firms acquire highly regulated depository institutions.
From Hard Money To Branch Banking California Banking In The Gold Rush Economy, Larry Schweikart, Lynne Pierson Doti
From Hard Money To Branch Banking California Banking In The Gold Rush Economy, Larry Schweikart, Lynne Pierson Doti
Economics Faculty Articles and Research
In Gold Rush–era California, banking and the financial sector evolved in often distinctive ways because of the Gold Rush economy. More importantly, the abundance of gold on the West Coast provided an interesting test case for some of the critical economic arguments of the day, especially for those deriving from the descending—but still powerful—positions of the “hard money” Jacksonians.