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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Optimal Financial Contracts for Large Investors: The Role of Lender Liability
TL;DR: In this article, an optimal financial contract for a large investor with potential control over a firm's investment decisions is presented. But the authors focus on the U.S. version of the lender liability doctrine, equitable subordination, which allows a firm to strike an efficient balance between inducing the large investor to monitor, and limiting the influence costs that arise when claimants can challenge existing contracts in bankruptcy court.
Posted Content
Reinventing institutions: Trust offices and the Dutch financial system, 1690s-2000s
TL;DR: Trust offices (administratiekantoren) that repackage securities have been a central institution in Dutch finance since the late eighteenth century as discussed by the authors and their basic form and functioning have remained largely the same, but over time, the repackaging has come to serve a variety of very different purposes.
Journal ArticleDOI
A Plea for a Realignment in Corporate Governance Research
TL;DR: A survey of the empirical company level research supports the hypotheses that such relationships exist and might contribute to the inconclusive results with regard to the relationship between most governance components and corporate performance as discussed by the authors.
Journal ArticleDOI
Financial structure gap and economic development in India
Pradeepta Sethi,Brajesh Kumar +1 more
TL;DR: In this article, the authors examined the evolving importance of banks and markets during different stages of economic development and found that the deviation from the optimal structure has harmful effects on the economy and the financial structure gap retards the growth process.
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On the relationship between bank market concentration and stability of financial institutions: Evidence from the Italian banking sector
Cristian Barra,Roberto Zotti +1 more
TL;DR: In this article, the authors explored the relationship between bank market concentration and financial stability of financial institutions relying on highly territorially disaggregated data taken at municipality level in Italy between 2001 and 2012, and concluded that the inefficiency of financial stability is U-shaped relationship with respect to the measure of market concentration.
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.
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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.