Universal banking and the performance of German firms
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Universal banking and the performance of German firms

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Published by National Bureau of Economic Research in Cambridge, Mass .
Written in English

Subjects:

  • Universal banks -- Germany.,
  • Bank investments -- Germany.,
  • Corporations -- Germany -- Finance.

Book details:

Edition Notes

StatementGary Gorton, Frank A. Schmid.
SeriesNBER working paper series -- no.5453
ContributionsSchmid, Frank A., National Bureau of Economic Research.
The Physical Object
Pagination51,[22]p. :
Number of Pages51
ID Numbers
Open LibraryOL17299042M

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Universal banking and the performance of German firms. Get this from a library! Universal banking and the performance of German firms. [Gary Gorton; Frank A Schmid; National Bureau of Economic Research.]. Universal Banking and the Performance of German Firms. Gary Gorton and Frank A. Schmid. No , NBER Working Papers from National Bureau of Economic Research, Inc. Abstract: Universal banking is an alternative mechanism to a stock market for risk-sharing, for providing information for guiding investment, and for contesting corporate governance. In Germany, where the stock market Cited by: Gorton, Gary & Schmid, Frank A., "Universal banking and the performance of German firms," Journal of Financial Economics, Elsevier, vol. 58(), pages

Universal banking and the performance of German firms. Gary Gorton and Frank A. Schmid. Journal of Financial Economics, , vol. 58, issue , Date: References: View references in EconPapers View complete reference list from CitEc Citations: View citations in EconPapers () Track citations by RSS feed. Downloads: (external link). Universal Banking and the Performance of German Firms, (). Universal Banks and Relationships with Firms, (). What’s different about banks?, To submit an update or takedown request for this paper, please submit an Update/Correction/Removal.   Furthermore, German universal banks are believed to play a special role as large and informed monitoring investors (shareholders). For the very same reasons, however, German universal banks are frequently accused of abusing their influence on firms by exploiting rents and sustaining the entrenchment of firms against efficient transfers of firm.   Universal banking is a term for banks that offer a wider variety of services than their competitors, or when compared with traditional banks. Universal banking .

Download Citation | Universal Banking and the Performance of German Firms | Universal banking is an alternative mechanism to a stock market for risk-sharing, for providing information for guiding. Gary Gorton & Frank A. Schmid, "Universal Banking and the Performance of German Firms Federal Reserve Bank of Chicago," Center for Financial Institutions Working Papers , Wharton School Center for Financial Institutions, University of Pennsylvania. Handle: RePEc:wop:pennin The papers in this volume span almost years of U.S. banking history, from pre-U.S. Civil War private bank notes issued during the U.S. Free Banking Era (), followed by the U.S. National Banking Era () before there was a central bank, through loan sales, securitization, and the financial crisis of Using German firms during the formative years of universal banking (–), this paper shows that, even controlling for selection bias, investment is more sensitive to internal liquidity for bank‐networked firms than unattached firms. The firm exhibiting the greatest liquidity sensitivity, however, faced no apparent liquidity constraint.