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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Unlocking value: Equity carve outs as strategic real options
TL;DR: In this paper, the authors investigated the optimal timing for the final sale or buy back decisions, the value of the strategic options embedded in the carve out and the optimal shares retained.
Journal Article
Relationship lending and competiiton : higher switching cost does not necessarily imply greater relationship benefits
TL;DR: In this article, the authors studied relationship lending in a framework where the cost of switching banks measures the degree of banking competition, and they found that relationship benefits are a non-monotonous (V-shaped) function of the switching cost.
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Shareholder Value Maximisation, Stock Market and New Technology: Should the US Corporate Model be the Universal Standard? 1
TL;DR: In this paper, the authors concluded that there is no warrant for revising the blue-ribbon group's conclusion and that even US corporations let alone developing country ones would be better off not having stock market valuation as a corporate goal.
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Bank concentration and non-performing loans in central and eastern european countries
TL;DR: In this article, the effect of bank concentration on the nonperforming loans (NPLs) for ten Central and Eastern European (CEE) countries was examined with the generalised method of moments system and the instrumental variable approaches, and the long run effect was tested with the fully modified ordinary least square (FMOLS) approach.
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Interpreting the volatility smile : an examination of the information content of option prices
TL;DR: The authors developed an improved semiparametric methodology for estimating risk-neutral probability density functions (PDFs), which allows for skewness and intertemporal variation in higher moments.
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.