Eleven papers in this volume present some current interesting and important research in finance. Based upon the CAPM, Chen and Kane show that double taxation and differential tax rates on personal and capital-gains income affect corporate stock values and financial policies in nonneutral ways. Sengupta shows tax evasion decisions of a monopolist in a price-ceiling regulatory environment. In their paper, Osterberg and Thomson empirically examine the impact of state-level depositor preference laws on resolution type and costs for all operating FDIC-BIF insured commercial banks that were closed or required FDIC financial assistance from January 1986 through December 1992. Peek and Wilcox show that during periods of international financial crises or of domestic economic stress, the government-sponsored enterprises (GSEs) are well suited to stabilize mortgage markets. In their paper, Chen, Robinson and Siems empirically show the association between banks’ subordinated debt and their loan sales activities and its implications in the transmission mechanism of monetary policy.
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