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Bank acquisitions of investment dealers: Canadian evidence and implications for Glass-Steagall reform

Author

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  • Nancy D. Ursel

    (Faculty of Business, University of Windsor, Windsor, Ontario, Canada N9B 3P4)

Abstract

This paper analyzes the 1987 change in Canadian legislation permitting commercial banks to engage in investment banking, and makes comparisons to the US, where similar regulatory change is under way. The study focuses on the impact of such regulatory change on issue costs for corporations raising seasoned common equity. The findings indicate that although regulatory reform per se has had no effect on issue costs, costs for issues handled by a bank-owned underwriter are lower than those handled by an independent underwriter. The lower cost may be indicative of the availability of economies of scope between underwriting and commercial banking.

Suggested Citation

  • Nancy D. Ursel, 2000. "Bank acquisitions of investment dealers: Canadian evidence and implications for Glass-Steagall reform," Empirical Economics, Springer, vol. 25(3), pages 507-518.
    • Handle: RePEc:spr:empeco:v:25:y:2000:i:3:p:507-518
    Note: Received: Nov. 1998 / Final Version Received: March 2000
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