Open AccessJournal Article
Comparing financial systems.
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This article is published in Kyklos.The article was published on 2000-01-01 and is currently open access. It has received 603 citations till now.read more
Citations
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Do Shareholders or Stakeholders Appropriate the Rents from Corporate Diversification? The Influence of Ownership Structure
TL;DR: In this paper, the authors distinguish between domestic and foreign owners in Japanese corporations and show that while transactional owners prioritize profitability when diversifying, relational owners primarily seek growth rather than profits from diversification.
Journal ArticleDOI
Is the International Convergence of Capital Adequacy Regulation Desirable
TL;DR: In this article, the authors examined the convergence of bank capital requirements in the presence of divergent closure policies of different central banks and showed that in equilibrium, a regression toward the worst closure policy may result: the central banks of initially less forbearing economies also adopt greater forbearance.
Posted Content
The evolving importance of banks and securities markets
TL;DR: This article examined the evolving importance of banks and securities markets during the process of economic development and found that deviations of a country's actual financial structure from the estimated optimal structure are associated with lower levels of economic activity.
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Internal Governance and Real Earnings Management
TL;DR: In this paper, the authors examine whether internal governance affects the extent of real earnings management in U.S. corporations and find that the effect of internal governance is stronger for firms with more complex operations where key subordinate executives contribution is higher, is enhanced when CEOs are less powerful, and is weaker when the capital markets benefit of meeting or beating earnings benchmarks is higher.
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Competition and stability in european banking: a regional analysis*
TL;DR: In this article, the authors construct measures of competition and economic activity using regional data to examine bank stability in 10 European countries over the period 2000-8 and find that an inverted U-shaped relationship exists between regional bank competition and stability.
References
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Journal ArticleDOI
Investor Protection and Corporate Governance
TL;DR: In this article, the authors argue that the legal approach is a more fruitful way to understand corporate governance and its reform than the conventional distinction between bank-centered and market-centered financial systems, and discuss the possible origins of these differences, summarize their consequences, and assess potential strategies of corporate governance reform.
Journal ArticleDOI
The Theory of Bank Risk Taking and Competition Revisited
John H. Boyd,Gianni De Nicolo +1 more
TL;DR: The authors show that existing theoretical analyses of this topic are fragile, since there exist fundamental risk-incentive mechanisms that operate in exactly the opposite direction, causing banks to become more risky as their markets become more concentrated.
Journal ArticleDOI
Bank concentration, competition, and crises: First results
TL;DR: In this paper, the impact of national bank concentration, bank regulations, and national institutions on the likelihood of a country suffering a systemic banking crisis was studied using data on 69 countries from 1980 to 1997.
Posted Content
Competition and Financial Stability
Franklin Allen,Douglas Gale +1 more
TL;DR: The authors used a variety of models to address the question of what are the efficient levels of competition and financial stability, and found that different models provide different answers, and that sometimes competition increases stability, while in a second best world, concentration may be socially preferable to perfect competition.
Posted Content
The Corporate Governance of Banks
Jonathan R. Macey,Maureen O'Hara +1 more
TL;DR: In this paper, the authors argue that commercial banks pose unique corporate governance problems for managers and regulators, as well as for claimants on the banks' cash flows, such as investors and depositors.