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.
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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.
References
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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.
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Stakeholders vs. shareholders in corporate governance
Alberto Chilosi,Mirella Damiani +1 more
TL;DR: In this article, the authors consider the principal-agent problem in a stakeholder context and their relative merits and demerits in a stockholders vs. stakeholders oriented governance system.
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An empirical investigation of the financialization convergence hypothesis
TL;DR: The authors argued that claims of global homogenization towards a singular model of finance capitalism constitute a "financialization convergence hypothesis" that has not been subject to systematic empirical scrutiny, and they proposed an empirical analysis of the convergence hypothesis.
Posted Content
Finance Applications of Game Theory
Franklin Allen,Stephen Morris +1 more
TL;DR: In this article, the authors argue that game theory with higher order beliefs, informational cascades and heterogeneous prior beliefs has the potential to provide insights into some of these remaining puzzles.