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Convergence of financial systems: Towards an evolutionary perspective

Hölzl, Werner - Vienna University of Economics and Business Research … - 2003

This paper provides an evolutionary perspective on financial systems based on complex systems theory. This perspective is used to organize the discussion about the convergence and non-convergence of financial systems. In recent years the discussion about the relative merits and the efficiency of...

Persistent link: https://www.econbiz.de/10005747500

LA ESTRATEGIA DEL BANCO BILBAO VIZCAYA FRENTE AL BANCO SANTANDER

Rubio, Fernando - EconWPA - 2004

Este documento de trabajo está dividido en dos partes. Primero, se analizan las tendencias de la banca mundial. Para ello se ha actualizado un documento de trabajo previo del autor, el cual estaba incluido en una serie de siete desarrollado para analizar la Estrategia de Citicorp en Chile....

Persistent link: https://www.econbiz.de/10005561737

On the Incentive Problems in Financial Conglomerates

Lóránth, Gyöngyi - C.E.P.R. Discussion Papers - 2002

This paper analyses the effects of scope expansion on the core activity of banks and provides a rationale for their interest in offering a wider product range. We show that scope economies may stem from moral hazard in the core business, and argue that a cost of scope expansion might be the...

Persistent link: https://www.econbiz.de/10005791861

Bank Diversification and Incentives

Lóránth, Gyöngyi; Morrison, Alan - C.E.P.R. Discussion Papers - 2008

This paper analyzes the consequences of bank diversification into fee-based businesses. Universal banks raise welfare by expanding the range of services available to entrepreneurs. However, because they may choose to rescue failed entrepreneurs in order to sell them fee-based financial services,...

Persistent link: https://www.econbiz.de/10005792170

The Real Effects of Private Equity Buyouts

Tåg, Joacim - Institutet för Näringslivsforskning (IFN) - 2010

Private equity buyouts have become a common element in the industrial development process. I survey the literature on the real economic effect of buyouts: employment, wages, productivity, and long-run investments. Employment tend to marginally fall after a buyout in most countries studied, with...

Persistent link: https://www.econbiz.de/10008548989

Central counterparty clearing: constructing a framework for evaluation of risks and benefits

Ripatti, Kirsi - EconWPA - 2005

A Central Counterparty (CCP) is an entity that interposes itself between transacting counterparties – a seller vis-à-vis the original buyer and a buyer vis-àvis the original seller – to quarantee execution of the transaction. Thus, the original transacting parties substitute their...

Persistent link: https://www.econbiz.de/10005134670

Do private equity owners increase risk of financial distress and bankruptcy?

Tykvová, Tereza; Borell, Mariela - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011

There is some controversy on the key sources of success in the private equity model and on how this business model affects the portfolio companies. We investigate financial distress risks of European companies around the buyout event in the period between 2000 and 2008. In addition, we analyze...

Persistent link: https://www.econbiz.de/10009646600

Are mutual fund fees excessive?

Adams, John C.; Mansi, Sattar A.; Nishikawa, Takeshi - In: Journal of Banking & Finance 36 (2012) 8, pp. 2245-2259

prevalent in funds with multiple share classes and those with weak governance structures. Using a comprehensive sample of index … mutual funds for the from 1998 to 2007, we find that internal governance mechanisms matter primarily for funds with …

Persistent link: https://www.econbiz.de/10010599669

Legal protection of investors, corporate governance, and investable premia in emerging markets

Kinsella, Stephen; O'Connor, Thomas; O'Sullivan, Vincent - Geary Institute, University College Dublin - 2011

We examine the interaction between the legal protection of investors, corporate governance within firms, institutional … Tobin’s q. We find they do. Investors look beyond the seemingly weak country-level governance structures, and focus on … corporate governance. …

Persistent link: https://www.econbiz.de/10009249165

Corporate Governance within Financial Institutions: Asset or Liability?

CHIRLESAN, Dan; APOSTOAIE, Marius Constantin - In: Economics and Applied Informatics (2012) 1, pp. 45-52

Solid corporate governance of the financial institutions is of a vital concern not only to the institutions themselves … but also for the entire financial system. After four years of financial turbulences, the issue of corporate governance is … direction of specific practices regarding corporate governance in a company in general, and specifically in financial …

Persistent link: https://www.econbiz.de/10010547807