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Countries differ on the extent to which their financial system relies on banks or on the financial market. We offer a model featuring a possible two way relationship between countries' financial system architecture and their comparative advantage. Countries specialising in bank dependent sectors...
Persistent link: https://www.econbiz.de/10011492076
The paper argues that the weakest link principle, which has been widely used as a measure of ultimate owners' control rights, has a number of serious problems. A theoretically more satisfactory method of measuring control rights, based on voting power indices, is proposed, and the different...
Persistent link: https://www.econbiz.de/10011450369
Banks play a greater role in the German financial system than in the UnitedStates or Britain. Germany s large universal …
Persistent link: https://www.econbiz.de/10011400344
Why does venture capital work in some countries but not in others? This clinical study of the first German venture capital firm examines the difficulties of creating a venture capital market in a bank-based financial system. The analysis identifies the problem of creating appropriate governance...
Persistent link: https://www.econbiz.de/10011506429
We study differences in the price paid for liquidity across banks using price data at the individual bank level. Unique to this paper, we also have data on individual banks' reserve requirements and actual reserve holdings, thus allowing us to gauge the extent to which a bank is short or long...
Persistent link: https://www.econbiz.de/10003817884
This paper studies the long-run relationship between consumption, asset wealth and income in Germany, based on data … these three variables from their common trend signal changes in asset prices, we find that for Germany they predict changes … Germany than in the Anglo-Saxon economies and the share of publicly traded equity in household wealth is much smaller in …
Persistent link: https://www.econbiz.de/10002756342
We examine evidence for a systematic underperformance of Germany's state-owned banks in the current financial crisis …
Persistent link: https://www.econbiz.de/10003850179
The compensation of executive board members in Germany has become a highly controversial topic since Vodafone's hostile … unique panel data evidence of the 500 largest firms in Germany in the period 1977-2009 we test two prominent hypothesis in … manager power hypothesis for Germany as executives tend to be rewarded when the sector is doing well rather than the firm they …
Persistent link: https://www.econbiz.de/10009508092
. Germany is the prototypical economy where universal banks allegedly exert substantial influence over firms. Despite frequent …
Persistent link: https://www.econbiz.de/10011511071
Concentrated ownership of large listed companies is widespread throughout the world, and Germany is typical in this …
Persistent link: https://www.econbiz.de/10009781688