Despite a lot of re-structuring and many innovations in recent years, the securities transaction industry in the European Union is still a highly inefficient and inconsistently configured system for cross-border transactions. This paper analyzes the functions performed, the institutions involved...

Design of contracts that define firms, and their accounting systems depends on the conditions in the firm's factor and product markets. We examine the fundamental difficulty of defining and developing "uniform" accounting for diverse economic environments across countries and compare the...

Multinational banks are a distinctive feature of today's globalized economy, with some institutions now operating in more than 100 countries. Despite the thorough analyses of bank internationalization over the last decades, the literature has failed to provide clear evidence that crossborder...

Since the beginning of the financial crisis, multinational banks have been accused of being among the major causes of the financial system’s destabilization. But the available empirical evidence on the relationship between international diversification, value creation and riskiness of...

Multinational banks are a distinctive feature of today’s globalized economy with some institutions now operating in more than 100 countries. Despite the thorough analyses of bank internationalization over the last decades, the literature has failed to provide clear evidence that...

The current crisis has been seen as the result of a “few bad apples”. The paper argues that the crisis is systemic and based on fallacies and misconceptions in the design and function of the economic – corporate system. Organizational and economic theories are based on hypotheses that lead...

The objective of the paper is to analyse the influence of information about economic and financial problems of strategic shareholders upon the market value of commercial banks operating in the Polish banking sector. The analysis included fourteen such cases from the years 2007-2014. The results...

Using a unique dataset that matches banks with their client firms, we investigate the differences between foreign and domestic banks in a developing country. In particular, we are interested in examining how foreign banks solve the information asymmetries that characterize lending relationships...

On 16th November 2009, SUERF, CEPS and the Belgian Financial Forum coorganized a conference "Crisis management at cross-roads" in Brussels. All papers in the present volume are based on contributions at the conference and the SUERF Annual Lecture which followed the event.

We seek to contribute to both the finance-growth literature and the community banking literature by testing the effects of the relative health of community banks on economic growth and investigating potential transmission mechanisms for these effects using data from 1993–2000 on 49 nations....