Nachdem in den vergangenen Jahren vor allem das anorganische Wachstum durch Mergers & Acquisitions im Mittelpunkt des Interesses von Wissenschaft und Praxis stand, trägt das vorliegende Werk dazu bei, das Erkenntnisdefizit zu organischem Wachstum internationaler Unternehmen zu reduzieren. Es...

There is substantial evidence that generalized trust improves economic outcomes at both the individual and aggregate levels. Furthermore, certain institutions such as educational and religious institutions foster trust, trade, and economic growth. A specific mechanism through which trust might...

This Article argues that information gaps—pockets of information that are pertinent and knowable but not currently known—are a byproduct of shadow banking and a meaningful source of systemic risk. It lays the foundation for this claim by juxtaposing the regulatory regime governing the shadow...

I construct a model of money and credit where financial intermediaries write deposit contracts with economic agents to intermediate credit transactions. A preference shock is private information to a depositor, which is costly for intermediaries to observe. Financial intermediaries create...

We study economies with multiple assets that are valued both for their return and liquidity. Exchange occurs in decentralized markets with frictions making a medium of exchange essential. Some assets are better suited for this role because they are more liquid - more likely to be accepted in...

Can corporate governance ratings reduce problems of asymmetric information between companies and investors? To answer this question, we set out to examine the information basis for providing such ratings by reviewing corporate governance attributes that are required or recommended in laws,...