In this paper we examine the empirical relationship between financial structure of various countries, whether they are market-based or bank-based, and the growth of industries having different characteristics. Using a sample of 26 OECD countries that have achieved some degree of financial...

We examine whether lending relationships enhance credit availability during banking crises when a bank's willingness to lend is weakest. Using a unique sample of listed firms in Korea we find that during the Asian financial crisis firms with closer banking relationships benefited from greater...

In this paper we study the determinants of business groups' ownership structure using unique panel data on Korean chaebols. In particular, we attempt to understand how pyramids form over time. We find that chaebols grow vertically (that is, pyramidally) as the family uses well-established group...

In this paper we study the determinants of business groups' ownership structure using unique panel data on Korean chaebols. In particular, we attempt to understand how pyramids form over time. We find that chaebols grow vertically (that is, pyramidally) as the family uses well-established group...