The impact of the Gramm-Leach-Bliley act on the financial services industry |
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| Authors: | Abdullah?Al?Mamun M?Kabir?Hassan Email author" target="_blank">Son?Van?LaiEmail author |
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| Institution: | (1) Department of Commerce, Massey University, NSMC, Private Bag 102 904, Auckland, New Zealand;(2) Present address: Department of Economics and Finance, University of New Orleans, 70148 New Orleans, LA |
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| Abstract: | This paper examines the impact of Gramm-Leach-Bliley Act across three main sectors of the financial services industry: commercial
banks, insurance companies, and brokerage firms, taking account of the wealth effect associated with the announcement. We
find that the law has a differential impact across the financial services industry. All three industries have gained due to
this law with commercial banks benefiting most, followed by the insurance industry. Further, the results show that larger
firms benefited more in both the banking and insurance industries and exposure to systematic risk was reduced for all sectors
of the financial services industry after this regulation passed. |
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