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Universal Banking and the Performance of German Firms

Gorton, Gary B. - 2011

Universal banking is an alternative mechanism to a stock market for risk-sharing, for providing information for guiding investment, and for contesting corporate governance. In Germany, where the stock market has historically been small, banks hold equity stakes in firms and have proxy voting...

Persistent link: https://www.econbiz.de/10013124511

Organization Structure and Credibility : Evidence from Commercial Bank Securities Activities Before the Glass-Steagall Act

Kroszner, Randall - 2008

This paper investigates how organizational structure can affect a firm's ability to compete. In particular, we examine the two ways in which U.S. commercial banks organized their investment banking operations before the 1933 Glass-Steagall Act forced the banks to leave the securities business:...

Persistent link: https://www.econbiz.de/10012774993

The Economic History of the "American Economic Review" : A Century's Explosion of Economics Research

Margo, Robert A. - 2010

Written in celebration of the upcoming 100th anniversary of the American Economic Review (February 2011), this paper recounts the history of the journal. The recounting has an analytic core that sees the American Economic Association as an organization supplying goods and services to its...

Persistent link: https://www.econbiz.de/10013139146

Corporate Ownership in France : The Importance of History

Murphy, Antoin E. - 2009

This paper attempts to show the importance of history in influencing the structure of corporate ownership in France. The strong concentration of family ownership in France is traced to historical weaknesses in the money and capital markets that forced families to have recourse to self-financing....

Persistent link: https://www.econbiz.de/10012767636

Is the U.S. Public Corporation in Trouble?

Kahle, Kathleen M. - 2016

We examine the current state of the U.S. public corporation and how it has evolved over the last 40 years. After falling by 50 percent since its peak in 1997, the number of public corporations is now smaller than 40 years ago. These corporations are now much larger and over the last twenty years...

Persistent link: https://www.econbiz.de/10012978530

The Development of Corporate Governance in Toulouse : 1372-1946

Le Bris, David - 2015

We document a sequence of institutional innovations associated with the corporate form over the course of several centuries in Toulouse. Shareholding companies that began in the 11th century formally incorporated themselves into two large-scale, widely held firms by 1373. In the years that...

Persistent link: https://www.econbiz.de/10013019508

Beyond Markets and Hierarchies : Toward a New Synthesis of American Business History

Lamoreaux, Naomi R.; Raff, Daniel M. G.; Temin, Peter - 2021

We sketch a new synthesis of American business history to replace (and subsume) that put forward by Alfred D. Chandler, Jr., most famously in his book The Visible Hand (1977). We see the broader subject as the history of the institutions of coordination in the economy, with the management of...

Persistent link: https://www.econbiz.de/10013243923

Dividends and Bank Capital in the Financial Crisis of 2007-2009

Acharya, Viral V. - 2011

was exacerbated by large scale payments of dividends, in spite of widely anticipated credit losses. Dividend payments …

Persistent link: https://www.econbiz.de/10013128263

Inflation Illusion and Stock Prices

Campbell, John Y. - 2011

We empirically decompose the S&P 500's dividend yield into (1) a rational forecast of long-run real dividend growth, (2 …) the subjectively expected risk premium, and (3) residual mispricing attributed to the market's forecast of dividend growth …

Persistent link: https://www.econbiz.de/10013133237

On the Timing and Pricing of Dividends

van Binsbergen, Jules H. - 2010

We recover prices of dividend strips on the aggregate stock market using data from derivatives markets. The price of a … k-year dividend strip is the present value of the dividend paid in k years. The value of the stock market is the sum of … all dividend strip prices across maturities. We study the properties of strips and find that expected returns, Sharpe …

Persistent link: https://www.econbiz.de/10013137025

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