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The Political Economy of Financial Systems

Haber, Stephen; Perotti, Enrico - Tinbergen Institute - 2008

of capital markets and banking systems as well as the distribution of access to external finance across firms. The …

Persistent link: https://www.econbiz.de/10005137221

The Political Economy of Dominant Investors

Perotti, Enrico C.; Thadden, Ernst-Ludwig von - Tinbergen Institute - 2004

We allow the preference of a political majority to determine both the corporate governance structure and the division of profits between human and financial capital. In a democratic society where financial wealth is concentrated, a political majority may prefer to restrain governance by...

Persistent link: https://www.econbiz.de/10005137317

Rhineland exit?

Bovenberg, Lans; Teulings, Coen - Tinbergen Institute - 2007

We argue in favour of the shareholder model of the firm for three main reasons. First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle between the stakeholders about the ultimate...

Persistent link: https://www.econbiz.de/10005450728

Corporate Governance and Leverage: Evidence from a Natural Experiment

Arping, Stefan; Sautner, Zacharias - Tinbergen Institute - 2010

We argue that the recent corporate governance reform in the Netherlands provides a natural experiment to explore the impact of changes in corporate governance on financing policy. We find that, relative to a control sample of comparable firms outside the Netherlands, Dutch firms significantly...

Persistent link: https://www.econbiz.de/10008838637

The Political Economy of Financial Fragility

Feijen, Erik; Perotti, Enrico - Tinbergen Institute - 2005

margins after banking crises are higher in the most corrupt countries. …

Persistent link: https://www.econbiz.de/10005144400

Investor Protection and Entry

Perotti, Enrico; Volpin, Paolo - Tinbergen Institute - 2007

Entry requires external finance, especially for less wealthy entrepreneurs, so poor investor protection limits competition. We model how incumbents lobby harder to block access to finance to entrants when politicians are less accountable to voters. In a broad cross-section of countries and...

Persistent link: https://www.econbiz.de/10005136893

Lobbying on Entry

Perotti, Enrico; Volpin, Paolo - Tinbergen Institute - 2004

We develop a model of endogenous lobby formation in which wealth inequality and political accountability undermine entry and financial development. In- cumbents seek a low level of effective investor protection to prevent potential entrants from raising capital. They succeed because they can...

Persistent link: https://www.econbiz.de/10005137200

Competition and Entry in Banking: Implications for Stability and Capital Regulation

Boot, Arnoud W.A.; Marinc, Matej - Tinbergen Institute

We assess the influence of competition and capital regulation on the stability of the banking system. We particularly … requirements can lead to more entry into banking, essentially by reducing the competitive strength of lower quality banks. We also ….g. one country that opens up its banking system for competitors but not vice versa. …

Persistent link: https://www.econbiz.de/10005209515

Risk Diversification by European Financial Conglomerates

Slijkerman, Jan Frederik; Schoenmaker, Dirk; Vries, … - Tinbergen Institute

We study the dependence between the downside risk of European banks and insurers. Since the downside risk of banks and insurers differs, an interesting question from a supervisory point of view is the risk reduction that derives from diversification within large banks and financial...

Persistent link: https://www.econbiz.de/10005137073

Illegal Entrepreneurship Experience

Aidis, Ruta; Praag, Mirjam van - Tinbergen Institute - 2004

Existing studies show a positive relationship between entrepreneurs' business performance and their conventional human capital as measured by previous business experience and formal education. In this paper, we explore whether illegal entrepreneurship experience (IEE), an unconventional form of...

Persistent link: https://www.econbiz.de/10005136903