This paper shows that bank competition has an intrinsically ambiguous effect on capital accumulation and economic growth. We further demonstrate that banking market structure can be responsible for the emergence of development traps in economies that would otherwise be characterized by unique...

This paper shows that bank competition has an intrinsically ambiguous effect on capital accumulation and economic growth. We further demonstrate that banking market structure can be responsible for the emergence of development traps in economies that would otherwise be characterized by unique...

In this paper we show that bank competition has an intrinsically ambiguous impact on capital accumulation. We further show that it is also responsible for the emergence of development traps in economies that otherwise would be characterized by unique equilibria. These results explain the...

We find evidence that conflicts of interest are pervasive in the asset management business owned by investment banks. Using data from 1990 to 2008, we compare the alphas of mutual funds, hedge funds and institutional funds operated by investment banks and non-bank conglomerates. We find that...

This paper shows that bank competition has an intrinsically ambiguous effect on capital accumulation and economic growth. We further demonstrate that banking market structure can be responsible for the emergence of development traps in economies that would otherwise be characterized by unique...

We develop a dynamic general equilibrium model of capital accumulation where credit is intermediated by banks operating in a Cournot oligopoly. The number of banks affects capital accumulation through two channels. First, it affects the quantity of credit available to entrepreneurs. Second, it...

This study investigates whether family level analysis matters in the institutional money management industry by examining new portfolio openings in a large survivorship bias free sample of institutional money management families. I examine whether low-skill families that open new portfolios are...

The Kauffman Firm Survey (KFS) - is the largest longitudinal study of new businesses ever embarked upon. The panel of businesses was created by using a random sample from Dun & Bradstreet’s (D&B) database list of new businesses started in 2004, which totaled roughly two hundred fifty-thousand...

This paper examines the behaviors of private equity (PE) firms’ growth by scoping. I find that the likelihood of PE firms starting new fund strategies is linked to their recent fund performance, market conditions, and experience. The results indicate that several new fund types by started...

In this paper, I develop a model of oligopoly with shareholder voting. Instead of assuming that firms maximize profits, the objective of the firms is decided by majority voting. This implies that portfolio diversification generates tacit collusion. In the limit, when all shareholders are...