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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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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Law, Finance, and Economic Growth in China
TL;DR: Li et al. as discussed by the authors examined three sectors of the economy: the State Sector (state-owned firms), the Listed Sector (publicly listed firms), and the Private Sector (all other firms with various types of private and local government ownership).
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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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How Law and Institutions Shape Financial Contracts: The Case of Bank Loans
TL;DR: In this article, a multi-dimensional empirical model was proposed to study how financial contracts respond to the legal and institutional environment, showing that loans with strong creditor protection have concentrated ownership, long maturity and low interest rates.
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Convergence and Risk-Return Linkages Across Financial Service Firms
TL;DR: The authors examined the risk and return linkages across US commercial banks, securities firms, and life insurance companies during the 1991-2001 period and found that return and risk interdependencies across these financial firms are significant and size-varying; larger institutions display stronger volatility transmission linkages, while smaller ones exhibit more prominent return-related linkages.
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The Returns to Hedge Fund Activism in Germany
TL;DR: In this paper, the authors found that hedge funds increased shareholder value in the short and long-run, whereas non-aggressive hedge funds ultimately outperformed their aggressive peers, suggesting that aggressive hedge funds attempt to expropriate the target firm's shareholders by exiting at temporarily increased share prices.
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Capital Regulation and Credit Risk Taking: Empirical Evidence from Banks in Emerging Market Economies
TL;DR: In this article, the authors investigated the relationship between bank capital and credit risk taking in emerging market economies and investigated the influence of several regulatory, institutional and legal features on the relation between risk and capital.
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Trends in Financial Market Concentration and their Implications for Market Stability
TL;DR: In this paper, the authors find an ambiguous relationship between concentration and instability when a large firm in a concentrated market fails, and they argue that the ease of substitution by other firms in concentrated markets is a critical factor supporting market resiliency.
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Incentives for Information Production in Markets where Prices Affect Real Investment
TL;DR: The authors analyzed information production incentives for traders in financial markets and showed that traders' private value of information about a firm's investment project increases with the ex ante likelihood the project will be undertaken, which generates an informational amplification effect of shocks to firm value.