We examine the impact of financial development on the composition of household portfolios in Spain, the U.K. and the U.S., three countries whose financial systems underwent profound changes over the past two decades and for which relevant data exist for sufficiently long time periods. We find a...

This paper explores the relationship between financial structure and industrial structure in a panel co-integration framework, using annual data for 29 countries and 28 industrial sectors for the period 1990-2001. The results indicate that financial structure is to a significant extent related...

In this paper, we use sixteen financial indices from the World Bank's Financial Development and Structure database, to classify the O.E.C.D. countries, according to their financial system structure, in five relatively homogenous clusters for the 1996-2005 period. We also examine the changes in...

We test the hypothesis that the degree of asymmetric information should decrease as financial systems develop, in a panel co-integration framework with annual data for 32 countries. To this end, we extend Barron et al.'s (1998) model to derive a measure of analysts' consensus that takes into...

We test the hypothesis that the degree of asymmetric information should decrease as financial systems develop, in a panel co-integration framework with annual data for 32 countries. To this end, we extend Barron et al.'s (1998) model to derive a measure of analysts' consensus that takes into...

We model the expected support of banks with credit ratings from Moody's and Fitch, taking explicitly into account the capacity and willingness of governments to provide support in case of need, as well as their concerns about moral hazard (i.e., that the expected support may induce banks to...

We explore the observable characteristics of sustainable banks, using a hand-collected dataset comprising of all public US bank holding companies, for the period 1999-2011. Our results indicate that sustainable banks are characterized by superior performance, more prudent behavior and a business...