Title

The Gramm-Leach-Bliley Act Of 1999: Risk Implications For The Financial Services Industry

Abstract

We document significant risk changes in the financial services industry following the passage of the Gramm-Leach-Bliley Act of 1999. Banks experience an increase in risk regardless of whether they have taken steps to participate actively in the investment banking business. Insurance companies also experience an increase in risk, whereas securities firms experience a decrease in risk. We attribute the increase in risk for banks and insurance companies to the fact that the securities business is relatively more risky, and the decline in risk for securities firms to the fact that they can now diversify into relatively less risky banking and insurance businesses.

Publication Date

9-1-2004

Publication Title

Journal of Financial Research

Volume

27

Issue

3

Number of Pages

435-446

Document Type

Article

Personal Identifier

scopus

DOI Link

https://doi.org/10.1111/j.1475-6803.2004.00093.x

Socpus ID

4444268384 (Scopus)

Source API URL

https://api.elsevier.com/content/abstract/scopus_id/4444268384

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