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Regulation and Competition in German Banking: An Assessment
Fischer, Karl-Hermann; Pfeil, Christian - Center for Financial Studies - 2003
In Germany a public discussion on the power of banks has been going on for decades now with the term power having at … least two meanings. On the one hand, it denotes the power of banks to control public corporations through direct … shareholdings or the exercise of proxy votes this is the power of banks in corporate control. On the other hand, the market power …
Persistent link: https://www.econbiz.de/10010986452
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Regulation and Competition in German Banking: An Assessment
Fischer, Karl-Hermann; Pfeil, Christian - Center for Financial Studies - 2003
In Germany a public discussion on the "power of banks" has been going on for decades now with the term "power" having … at least two meanings. On the one hand, it denotes the power of banks to control public corporations through direct … shareholdings or the exercise of proxy votes – this is the power of banks in corporate control. On the other hand, the market power …
Persistent link: https://www.econbiz.de/10005022411
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Corporate Governance in Germany: An Economic Perspective
Schmidt, Reinhard H. - Center for Financial Studies - 2003
A financial system can only perform its function of channelling funds from savers to investors if it offers sufficient assurance to the providers of the funds that they will reap the rewards which have been promised to them. To the extent that this assurance is not provided by contracts alone,...
Persistent link: https://www.econbiz.de/10010958676
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Stakeholder capitalism, corporate governance and firm value
Allen, Franklin; Carletti, Elena; Marquez, Robert - Center for Financial Studies - 2007
We consider the advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers as well as shareholders compared to shareholderoriented firms. Societies with stakeholder-oriented firms have higher prices, lower output, and can have greater firm value...
Persistent link: https://www.econbiz.de/10010958691
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Corporate Governance in Germany: An Economic Perspective
Schmidt, Reinhard H. - Center for Financial Studies - 2003
A financial system can only perform its function of channelling funds from savers to investors if it offers sufficient assurance to the providers of the funds that they will reap the rewards which have been promised to them. To the extent that this assurance is not provided by contracts alone,...
Persistent link: https://www.econbiz.de/10005138838
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Did fair-value accounting contribute to the financial crisis?
Laux, Christian; Leuz, Christian - Center for Financial Studies - 2009
little support for claims that fair-value accounting leads to excessive write-downs of banks' assets. If anything, empirical …
Persistent link: https://www.econbiz.de/10010958489
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Disclosure, transparency, and market discipline
Freixas, Xavier; Laux, Christian - Center for Financial Studies - 2011
The aim of this paper is to examine what has been the role of information provision to the market throughout the crisis. We consider two main sources of information to the market, financial statements and information provided by credit rating agencies. We examine how these sources of information...
Persistent link: https://www.econbiz.de/10010958732
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The crisis of fair value accounting: Making sense of the recent debate
Laux, Christian; Leuz, Christian - Center for Financial Studies - 2009
The recent financial crisis has led to a vigorous debate about the pros and cons of fair-value accounting (FVA). This debate presents a major challenge for FVA going forward and standard setters' push to extend FVA into other areas. In this article, we highlight four important issues as an...
Persistent link: https://www.econbiz.de/10010958757
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Innovation and market concentration with asymmetric firms
Escrihuela-Villar, Marc - Center for Financial Studies - 2004
This paper considers a theoretical model of n asymmetric firms that reduce their initial unit costs by spending on R&D activities. In accordance with Schumpeterian hypotheses we obtain that more efficient (bigger) firms spend more in R&D and this leads to a more concentrated market structure. We...
Persistent link: https://www.econbiz.de/10010958795
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Organized equity markets in Germany
Theissen, Erik - Center for Financial Studies - 2003
The German financial system is the archetype of a bank-dominated system. This implies that organized equity markets are, in some sense, underdeveloped. The purpose of this paper is, first, to describe the German equity markets and, second, to analyze whether it is underdeveloped in any...
Persistent link: https://www.econbiz.de/10011105003