Gayle Delong

City University of New York - Bernard M. Baruch College | Baruch College · Department of Economics and Finance

Shibata and Kataoka (2019) speculate that the relationship between HPV vaccine uptake and lowered fertility is spurious. I analyze the three arguments they assert to justify this speculation and find the authors do not explain the relationship. More research into the HPV vaccine’s effect on fertility is essential.

Birth rates in the United States have recently fallen. Birth rates per 1000 females aged 25–29 fell from 118 in 2007 to 105 in 2015. One factor may involve the vaccination against the human papillomavirus (HPV). Shortly after the vaccine was licensed, several reports of recipients experiencing primary ovarian failure emerged. This study analyzed in...

This study investigates whether the threat of litigation induces firms to provide safer products in a regulated industry. I analyze whether removing litigation risk or “delitigation” of product liability is associated with a change in the safety of vaccines. Using U.S. nationwide and state-level data, I find that vaccines that were licensed after l...

I investigate whether removing product liability − “delitigation” − affects a firm’s market value. This research sheds light on the influence of litigation risk on firm value. Using the vaccine industry as an example, I find the average market return to the licensing of a new vaccine increases after the passage of legislation that removed most prod...

This paper tests the hypothesis of Jovanovic and Braguinsky (AER, 2004) that acquisition attempts convey negative information about the bidder’s existing projects. We study failed acquisition bids, which enable a before-and-after comparison of the bidder firm as is without the acquisition effects. We find that following failed bids, bidder firms ex...

Conflicts of interest (COIs) cloud vaccine safety research. Sponsors of research have competing interests that may impede the objective study of vaccine side effects. Vaccine manufacturers, health officials, and medical journals may have financial and bureaucratic reasons for not wanting to acknowledge the risks of vaccines. Conversely, some advoca...

Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services, or as much turbulence and damage to the economy and to individuals. Regulatory and technological changes have been among the main catalysts of transformation in the financial industr...

Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services, or as much turbulence and damage to the economy and to individuals. Regulatory and technological changes have been among the main catalysts of transformation in the financial industr...

Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services, or as much turbulence and damage to the economy and to individuals. Regulatory and technological changes have been among the main catalysts of transformation in the financial industr...

Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services, or as much turbulence and damage to the economy and to individuals. Regulatory and technological changes have been among the main catalysts of transformation in the financial industr...

Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services, or as much turbulence and damage to the economy and to individuals. Regulatory and technological changes have been among the main catalysts of transformation in the financial industr...

Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services, or as much turbulence and damage to the economy and to individuals. Regulatory and technological changes have been among the main catalysts of transformation in the financial industr...

Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services, or as much turbulence and damage to the economy and to individuals. Regulatory and technological changes have been among the main catalysts of transformation in the financial industr...

Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services, or as much turbulence and damage to the economy and to individuals. Regulatory and technological changes have been among the main catalysts of transformation in the financial industr...

Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services, or as much turbulence and damage to the economy and to individuals. Regulatory and technological changes have been among the main catalysts of transformation in the financial industr...

Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services, or as much turbulence and damage to the economy and to individuals. Regulatory and technological changes have been among the main catalysts of transformation in the financial industr...

Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services, or as much turbulence and damage to the economy and to individuals. Regulatory and technological changes have been among the main catalysts of transformation in the financial industr...

Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services, or as much turbulence and damage to the economy and to individuals. Regulatory and technological changes have been among the main catalysts of transformation in the financial industr...

Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services, or as much turbulence and damage to the economy and to individuals. Regulatory and technological changes have been among the main catalysts of transformation in the financial industr...

Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services, or as much turbulence and damage to the economy and to individuals. Regulatory and technological changes have been among the main catalysts of transformation in the financial industr...

Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services, or as much turbulence and damage to the economy and to individuals. Regulatory and technological changes have been among the main catalysts of transformation in the financial industr...

Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services, or as much turbulence and damage to the economy and to individuals. Regulatory and technological changes have been among the main catalysts of transformation in the financial industr...

Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services or as much turbulence and damage to the economy and to ordinary people. Regulatory and technological changes have been among the main catalysts of change in the financial industry wor...

The reason for the rapid rise of autism in the United States that began in the 1990s is a mystery. Although individuals probably have a genetic predisposition to develop autism, researchers suspect that one or more environmental triggers are also needed. One of those triggers might be the battery of vaccinations that young children receive. Using r...

We investigate whether the introduction of fixed-price U.S. federal deposit insurance in 1933 increased the risk-taking of banks over the succeeding period. We examine 60 financial institutions and find that banks and trusts in general became more risky after the introduction of deposit insurance. However, a subset of well-performing banks appears...

This paper examines the effects of cross-border bank mergers on the risk and (abnormal) returns of acquiring banks. We find that, overall, the acquirers’ risk neither increases nor decreases. In particular, on average, neither their total risk nor their systematic risk falls relative to banks in their home banking market. The abnormal returns to ac...

A link between vaccines and autism is increasingly suspected, because vaccines contain neurotoxins and immune suppressants as well as live viruses that could affect a susceptible population. I investigate the possible link by comparing the proportion of children classified with either autism (AUT) or speech or language impairment (SLI) and the prop...

A link between vaccines and autism is increasingly suspected, because vaccines contain neurotoxins and immune suppressants as well as live viruses that could affect a susceptible population. I investigate the possible link by comparing the proportion of children classified with either autism (AUT) or speech or language impairment (SLI) and the prop...

Weak bank supervision could give banks the ability to shift risk from themselves to supervisors. We use cross-border bank mergers as a natural experiment to test changes in risk and the impact of supervision. We examine cross-border bank mergers and find that the supervisory structures of the partners’ countries influence changes in post-merger tot...

This article provides an overview of research on the causes and effects of international bank mergers. It focuses on three main questions: First, what are the determinants and driving forces of cross-border bank mergers? Second, what are the effects of cross-border bank mergers on the efficiency and competitiveness of financial institutions and the...

We offer a new explanation for why academic studies typically fail to find value creation in bank mergers. Our conjectures are predicated on the idea that, until recently, large bank acquisitions were a new phenomenon, with no best practices history to inform bank managers or market investors. We hypothesize that merging banks, and investors pricin...

Macroeconomic risks could magnify individual bank risk. Mitigating the influence of economy-wide risks on banks could therefore be very important to maintain a smooth-running banking system. In this paper, we explore the extent to which macroeconomic risks affect banks. We use a bank-level dataset on over 2,000 banks worldwide for the years 1995-20...

We investigate whether the introduction of fixed-price U.S. federal deposit insurance increased the risk-taking of banks. We examine 70 financial institutions and find that banks in general became more risky after the introduction of deposit insurance. However, a subset of well-performing banks reduced their risk. Deposit insurance brought about st...

Weak bank supervision gives banks the ability to shift risk from themselves to supervisors. One way for banks to take advantage of weak supervisory systems is to engage in risky activities such as cross-border bank mergers. We examine whether the supervisory structure of a country influences the decision to engage in a cross-border merger by lookin...

Weak bank supervision gives banks the ability to shift risk from themselves to supervisors. One way for banks to take advantage of weak supervisory systems is to engage in risky activities such as cross-border bank mergers. We examine whether the supervisory structure of a country influences the decision to engage in a cross-border merger by lookin...

We test the relevance of the new trade theory and the traditional theory of comparative advantage for explaining the geographic patterns of international M&As of financial institutions between 1985 and 2000. The data provide statistically significant support for both theories. We also find evidence that the U.S. has idiosyncratic comparative advant...

Although domestic mergers and acquisitions (M&As) in the financial services industry have increased steadily over the past two decades, international M&As were until recently relatively rare. Moreover, the share of cross-border mergers in the banking industry is low compared with other industries. This paper uses a novel dataset of over 3000 merger...

Non-U.S. bank mergers are becoming an increasingly important part of the worldwide economic landscape. Are the market reactions to non-U.S. bank mergers similar to the reaction in the United States? I address this question by examining abnormal returns of publicly traded partners on the announcement of forty-one non-U.S. bank mergers and comparing...

We survey the most recent BIS proposals for the credit risk measurement of retail credits in capital regulations. We also describe the recent trend away from relationship lending toward transactional lending in the small business loan arena. These trends create the opportunity to adopt more analytical, data-based approaches to credit risk measureme...

There is a paradox in bank mergers. On average, bank mergers do not create value, yet they continue to occur. Using cross-sectional analysis to examine 54 bank mergers announced between 1991 and 1995, I test several facets of focus and diversification. Upon announcement, the market rewards the mergers of partners that focus their geography and acti...

The internationalisation of commercial banks is one of the manifestations of the globalisation of the financial services industry. One way of entering a new market is through cross-border mergers and acquisitions (M&As). In banking, M&As are a particularly important mode of entry because they make it easier to obtain access to a customer base and a...

Retail loan markets create special challenges for credit risk assessment. Borrowers tend to be informationally opaque and borrow relatively infrequently. Retail loans are illiquid and do not trade in secondary markets. For these reasons, historical credit databases are usually not available for retail loans. Moreover, even when data are available,...

Although the number of cross-border bank mergers is increasing, little research exists concerning such mergers. We know little about the amount and location of risk after such an event. This study examines the risk profiles of 214 cross-border bank mergers. We find that overall risk neither increases nor decreases for the acquiring bank, but that r...

This paper calculates indices of central bank autonomy (CBA) for 163 central banks as of end-2003, and comparable indices for a subgroup of 68 central banks as of the end of the 1980s. The results confirm strong improvements in both economic and political CBA over the past couple of decades, although more progress is needed to boost political auton...

This paper explores the paradox of bank mergers: on average, bank mergers do not create value yet they continue to occur. Using cross-sectional analysis to examine 56 bank mergers between 1991 and 1995, I test several facets of focus and diversification. The study finds that upon announcement the market rewards the mergers of partners that focus th...