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
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Political Origins of Financial Structure
TL;DR: In this article, the authors empirically assess the political origins of financial structure and find that democratic change leads to a more market-based financial system, and also find that countries with substantial democratic capital are more likely to have a market based financial structure.
Posted Content
Germany's Corporate Governance Reforms: Has the System Become Flexible Enough?
TL;DR: In this paper, the authors review Germany's corporate governance system and the effectiveness of recent reforms and conclude that there is scope for enhancing flexibility in three core areas, relating to internal control mechanisms, especially the flexibility of board structures, self-dealing, and external control, particularly take-over activity.
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Legal Regimes and Investor Response to the Auditor’s Going-Concern Opinion:
TL;DR: In this paper, the authors examined how legal regime may affect the market's reaction to the auditor's going-concern (GC) opinion and found that investors in a creditor-friendly bankruptcy regime (the United Kingdom) will react more adversely to a first-time GC opinion indicating increased risk of loss associated with bankruptcy than do investors in an investor in the United States.
Effect of Competitive Strategies on the Performance of Manufacturing Firms in Kenya
TL;DR: Signature …………………………… Date…………………… Professor Elegwa Mukulu, Ph.D. as discussed by the authors, and John M. Kihoro, M.D., M.A.
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A cross-country financial accelerator: Evidence from North America and Europe
TL;DR: In this article, the authors investigated the importance of both cross-country and country-specific credit cycles in explaining output fluctuations using data for four major economies and two world regions from 1973 to 2001.
References
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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.
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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.
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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.
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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.