Global Impact of the Gramm-Leach-Bliley Act: Evidence from Insurance Industries of Developed Countries

  • M. Kabir Hassan
  • Abdullah Mamun


The Gramm-Leach-Bliley Act (GLBA) of 1999 is the most sweeping deregulation of the U.S. financial services industry in the last century. One would expect the impact of such extensive deregulation in the U.S. market would not be restricted only to its financial services industry. Thus, by analyzing the wealth effects of the GLBA on the insurance industries of other developed countries, especially on member countries of the European Union (E.U.), our study addresses three important questions that focus on opportunities created for non-U.S. insurance companies; the GLBA’s impact on these companies; and, finally, the variable wealth effects on non-U.S. companies.


Foreign Direct Investment Ordinary Little Square Abnormal Return Insurance Market Insurance Industry 
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Copyright information

© Networks Financial Institute 2011

Authors and Affiliations

  1. 1.Department of Economics and FinanceThe University of New OrleansNew OrleansUSA
  2. 2.Edwards School of BusinessUniversity of SaskatchewanSaskatoonCanada

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