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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ComponentDOI
Competition and critical mass
TL;DR: In this paper, the authors propose an adaptation of the Cournot-type competition model that allows collusive rents for all, none, or some of the firms in a market.
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The Capital Markets Union: Key Challenges
TL;DR: In this paper, the authors describe the key features of the European Commission's plan and discuss the economic rationale behind it, including the financial transactions tax, the low-interest-rate environment, cultural reasons, and potential political opposition.
Journal ArticleDOI
Factor Analysis of the Russian Stock Market
TL;DR: In this paper, the authors analyze the causes of the Russian stock market undervaluation, define the factors which impact most the Russian market (the ownership structure, volatility, dividend policy, the role of foreign investors, correlation with oil prices), and conclude that the most important factor has been the sanctions imposed upon the largest Russian companies after 2014.
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Institutional Change in the Era of Globalization: A Comparison of Corporate Pension Policies in Japan and the U.S.
TL;DR: In this paper, a firm-based perspective was adopted to test whether the Japanese corporate pension experience parallels US corporate pension experiences, finding that American and Japanese pension sponsors, despite clear manifestations of societal differences, have similar private pension experiences.
Posted Content
Bank Competition and Economic Stability: The Role of Monetary Policy
TL;DR: In this article, the dual role of monetary policy for economic efficiency and stability in a model of endogenous bank competition is analyzed, where monetary policy to be tight when liquidity is abundant to spur bank competition and to be loose in bad times to restore the profitability of banks and decrease the likelihood of economic and financial crashes.