Abstract
Gary Whalen’s paper examines two forms of organizational structure for nonbank activities that have received a lot of attention in the financial modernization debate: holding company subsidiaries and bank operating subsidiaries. U.S. banking firms have some flexibility in structuring their foreign operations as holding company subsidiaries, direct bank subsidiaries, or indirect bank subsidiaries. Whalen exploited this structural flexibility to study two important questions: (1) What are the most important factors influencing the way banking organizations structure their activities, in this case securities activities, when they have a choice? (2) Does structural choice result in desirable or undesirable changes in performance?
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