We investigate the impact of universal banks on the dividend policy of affiliated companies, in an environment characterised by poor investor protection, booming stock markets and strong banks. Our results, based on a unique sample of 428 listed companies in pre-World War I Belgium, are...

We investigate the impact of universal banks on the dividend policy of affiliated companies, in an environment characterized by poor investor protection, booming stock markets and strong banks. Our results, based on a unique, hand-collected sample of 428 listed companies in pre-World War I...

This study investigates whether modern theories can explain capital structure in a historical environment which was characterized by poor investor protection, booming stock markets and strong banks, and in which taxes did not affect leverage. Our results, based on a unique, hand-collected sample...