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The impact of market contestability on the systematic risk of US bank stocks
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The impact of market contestability on the systematic risk of US bank stocks (1994)The impact of market contestability on th…Contestable Markets: An Uprising in the Theory of Industry Structure (2003)Contestable Markets: An Upris…Risk and return in banking: evidence from bank stock returns (1991)Risk and return in banking: e…INTEREST RATE SENSITIVITY OF BANK STOCK RETURNS: SPECIFICATION EFFECTS AND STRUCTURAL CHANGES (1990)INTEREST RATE SENSITIVITY OF …INTEREST RATE CHANGES AND COMMON STOCK RETURNS OF FINANCIAL INSTITUTIONS: REVISITED (1990)INTEREST RATE CHANGES AND COM…An Examination of Cost Subadditivity and Multiproduct Production in Large U.S. Banks (1990)An Examination of Cost Subadd…Competitive viability in banking (1987)Competitive viability in bank…THE NATURE AND SCOPE OF CONTESTABILITY THEORY (1986)THE NATURE AND SCOPE OF CONTE…CONTESTABILITY: DEVELOPMENTS SINCE THE BOOK (1986)CONTESTABILITY: DEVELOPMENTS …The Effect of Interest Rate Changes on the Common Stock Returns of Financial Institutions (1984)The Effect of Interest Rate C…Deregulation and the Theory of Contestable Markets (1984)Deregulation and the Theory o…Contestability vs. competition (1984)Contestability vs. competitionContestable Markets and the Theory of Industry Structure (1982)Contestable Markets and the T…Contestable Markets and the Theory of Industry Structure (1982)Contestable Markets and the T…Toward a More General Theory of Regulation (1976)Toward a More General Theory …Systematic Interest-Rate Risk in a Two-Index Model of Returns (1974)Systematic Interest-Rate Risk…Barriers to New Competition (1957)The Role of the State in Financial Markets (1993)The vanishing hand: the changing dynamics of industrial capitalism (2003)Are US Industries Becoming More Concentrated? (2019)Industrial Market Structure and Economic Performance. (1971)Markets and Hierarchies (1975)Privatization Policies and Public Enterprise: A Survey* (1986)Empirical Implications and Tests of the Contestability Hypothesis (1987)On the origins of the concept of natural monopoly: Economies of scale and competition (2008)Theory of games and economic behavior (2019)Inflation Uncertainty and Expected Returns on Treasury Bills (1976)The risk effects of combining banking, securities, and insurance activities (2000)Monetary Shocks and REIT Returns (2006)Diversifying away the risk of war and cross-border political crisis (2016)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)Risk, Return, and Equilibrium: Empirical Tests (1973)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Problems and Solutions in Conducting Event Studies (1990)The sensitivity of bank stock returns to market, interest and exchange rate risks (1992)Sensitivity of the bank stock returns distribution to changes in the level and volatility of interest rate: A GARCH-M model (1998)An Intertemporal Capital Asset Pricing Model (1973)Asset returns and inflation (1977)Risk measurement when shares are subject to infrequent trading (1979)Evidence of Bank Market Discipline in Subordinated Debenture Yields: 1983- 1991 (1996)Cost and Profit Efficiency of Financial Conglomerates and Universal Banks in Europe (2002)Does the stock market value bank diversification? (2007)The dominance of inefficiencies over scale and product mix economies in banking (1991)The impact of liberalization on the productive efficiency of Indian commercial banks (1997)Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation (2003)Concentration and other determinants of bank profitability in Europe, North America and Australia (1989)Entry and Competition in Concentrated Markets (1991)Conglomeration versus Strategic Focus: Evidence from the Insurance Industry (2000)New evidence on returns to scale and product mix among U.S. commercial banks (2001)MEASUREMENT OF BANK PERFORMANCE IN GREECE (2008)A Theory of Competition Among Pressure Groups for Political Influence (1983)The Regulation of Entry (2000)World Investment Report (2017)The Invisible Hand of Democracy (2001)What Drives Bank Competition? Some International Evidence (2003)What Drives Bank Competition? Some International Evidence (2004)
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References

  • 1976Toward a More General Theory of Regulation4,771 cited
  • 1982Contestable Markets and the Theory of Industry Structure3,271 cited
  • 1982Contestable Markets and the Theory of Industry Structure2,330 cited
  • 2003Contestable Markets: An Uprising in the Theory of Industry Structure1,571 cited
  • 1987Competitive viability in banking894 cited
  • 1984The Effect of Interest Rate Changes on the Common Stock Returns of Financial Institutions771 cited
  • 1974Systematic Interest-Rate Risk in a Two-Index Model of Returns294 cited
  • 1984Contestability vs. competition203 cited
  • 1990An Examination of Cost Subadditivity and Multiproduct Production in Large U.S. Banks159 cited
  • 1990INTEREST RATE CHANGES AND COMMON STOCK RETURNS OF FINANCIAL INSTITUTIONS: REVISITED133 cited
  • 1984Deregulation and the Theory of Contestable Markets114 cited
  • 1986CONTESTABILITY: DEVELOPMENTS SINCE THE BOOK111 cited
  • 1986THE NATURE AND SCOPE OF CONTESTABILITY THEORY74 cited
  • 1990INTEREST RATE SENSITIVITY OF BANK STOCK RETURNS: SPECIFICATION EFFECTS AND STRUCTURAL CHANGES65 cited
  • 1991Risk and return in banking: evidence from bank stock returns42 cited

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