Informed capital is a crucial ingredient to a well-functioning market for start-upfinance, especially in times of difficult market conditions. For bank-basedsystems, the question regarding which investors actually supply informed capitalhas not yet been answered. To fill this gap, we conduct a...

The structure of banking systems has been frequently in the debate over a long time. A re-structuring of banking systems is very often based on the experience of other countries. Ger-man cooperative banks can learn much about the development of Italy's cooperative banks. In contradiction to the...