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.
References
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Bank Competition, Financial Development and Growth of Financially Dependent Industries: Fresh Evidence from China
TL;DR: The authors empirically examined the role of the banking market structure and financial development for the growth of manufacturing and the financially dependent industries in China over the period of 1999 to 2.5 years.
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The Economic Impact of Merger Control Legislation
TL;DR: In this paper, the authors investigate the impact of legislative reforms in merger control legislation in nineteen industrial countries between 1987 and 2004 and find that strengthening merger control decreases the stock prices of non-financial firms, while increasing those of banks.
Financial intermediation and economic performance in Zimbabwe
TL;DR: In this article, a Vector Autoregressive (VAR) framework is applied to model and estimate the temporal and dynamic relationships between financial aggregates and economic activity, and the general impulse response function (GIRF) and variance decomposition (VDC) analytical techniques are applied to throw light on the speed and direction of the causal links.
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Dynamic Hedging Incentives, Debt, and Warrants
TL;DR: In this article, the authors show that when the firm chooses volatility dynamically, no warrant contract can eliminate asset substitution, as equity is always risk-loving when a firm is near default and the hedging incentive produced by a warrant is weakest when the option is out of the money.
Lending Conditions, Macroeconomic Fluctuations, and the Impact of Bank Ownership
TL;DR: The authors found that savings banks adjust their lending volume and conditions less cyclically than cooperatives, whereas this link between macroeconomic uctuations and bank behavior is most pronounced for private commercial banks.