The introduction of a common currency as well as the harmonization of rules and regulations in Europe has significantly reduced distance in all its guises. With shrunken costs of overcoming space, this emphasizes centripetal forces and it should foster consolidation of financial activity. In a...

We investigate the connection between corporate governance system configurations and the role of intermediaries in the respective systems from a informational perspective. Building on the economics of information we show that it is meaningful to distinguish between internalisation and...