The Market's Assessment of the Financial Services Modernization Act of 1999

Aigbe Akhigbe · Ann Marie Whyte

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Banking stability, regulation, efficiency Financial Markets and Investment Strategies Corporate Finance and Governance

Abstract

Abstract We examine the impact of the events leading up to and including the passage of the Financial Services Modernization Act (FSMA) of 1999 on the stock returns of banks, brokerage firms, and insurance companies. We find that the impact is positive for all institutions. Bank gains are positively related to size and capitalization. Brokerage firms gain regardless of size, but the gains are inversely related to capitalization and insurance companies gain regardless of size or capital position. The strong positive reaction suggests that the market expects the institutions to benefit from the new opportunities created by the FSMA's passage.

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References

1984The Effect of Interest Rate Changes on the Common Stock Returns of Financial Institutions 1999Consolidation and efficiency in the US life insurance industry 1990An Examination of the Impact of the Garn-St. Germain Depository Institutions Act of 1982 on Commercial Banks and Savings and Loans 1988Change in Market Assessments of Deposit-Institution Riskiness 1984Market Evidence on the Effective Maturity of Bank Assets and Liabilities 1988Change in market assessments of deposit-institution riskiness 1980A RE‐EXAMINATION OF INTEREST RATE SENSITIVITY IN THE COMMON STOCKS OF FINANCIAL INSTITUTIONS 1989The impact of underwriting and dealing on bank returns and risks

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