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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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
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).
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.
Journal ArticleDOI
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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Posted Content
Regulatory Reform: Integrating Paradigms
TL;DR: The Subprime crisis largely resulted from failures to internalize systemic risk evenly across financial intermediaries and recognize the implications of Knightian uncertainty and mood swings as discussed by the authors, and a successful reform of prudential regulation will need to integrate more harmoniously the three paradigms of moral hazard, externalities and uncertainty.
Journal ArticleDOI
Comparative International Characteristics of Banking
TL;DR: In this article, the authors compare key characteristics of banking systems across countries, with emphasis on the connection between the development of the banking system and economic growth; banking industry performance; banking regulation, supervision, and corporate governance; and banking crises.
Posted Content
The High-yield Segment of the Corporate Bond Market: A Diffusion Modelling Approach for the United States, the United Kingdom and the Euro Area
TL;DR: In this paper, the development of the high-yield segment of the corporate bond market in the United States, as a pioneer country, and the United Kingdom and the euro area, as later adopting countries were examined.
BookDOI
New Firm Formation and Industry Growth : Does Having a Market- or Bank-Based System Matter?
TL;DR: This paper found that industries heavily dependent on external finance grow faster in economies with higher levels of financial development, and with better legal protection for outside investors -including strong creditor and shareholder rights and strong contract enforcement mechanisms.
Journal ArticleDOI
Financial and social performance of socially responsible investments in the Netherlands
TL;DR: In this article, the authors analyse the performance of socially responsible investments in the Netherlands and find preliminary evidence that financial and CSR performance substantially differ per category of financial instrument analysed. And they construct a proxy for mutual funds' CSR policies and use information about the environmental and social impact of activities financed by "green" financial institutions.