An Examination of the Equity Market Response to The Gramm‐Leach‐Bliley Act Across Commercial Banking, Investment Banking, and Insurance Firms
研究1999年《格雷姆-里奇-比利雷法案》通过前后，商业银行、投资银行和保险公司的财富效应和系统性风险变化，发现投资银行和保险公司更能利用产品线多元化机会，而商业银行市场反应不显著，且金融部门风险整体下降。
Abstract: This paper examines the wealth effects of the events surrounding the passage of the Gramm‐Leach‐Bliley Act of 1999 and changes in systematic risk from the pre‐Act period to the post‐Act period for commercial banks, investment banks, and insurance firms. The results suggest that investment banks and insurance firms are better positioned to exploit the benefits of product‐line diversification opportunities allowed by the legislation compared to commercial banks that experience no significant market reaction. Further evidence indicates a significant risk shift and overall reduction in riskiness for the financial sectors under consideration around the event period.