Banks, Finance and Investment in Germany - Rilegato

Edwards, Jeremy; Fischer, Klaus

Rilegato

ISBN 10: 0521453488 ISBN 13: 9780521453486

Casa editrice: Cambridge University Press, 1994

Riassunto

This book analyses the widely-held view of the merits of the 'bank-based' German system of finance for investment, and shows that this view is not supported by evidence from the post-war period. The institutional features of the German system are such that universal banks have control of voting rights at shareholders' meetings due to proxy votes, and they also have representation on companies' supervisory boards. These features are claimed to have two main benefits. One is that the German system reduces asymmetric information problems, enabling banks to supply more external finance to firms at a lower cost, and thus increasing investment. The other is that German banks are able to mould and control managements of firms on behalf of shareholders, and thus ensure that firms are run efficiently. This book assesses whether empirical evidence backs up these claims, and shows that the merits of the German system are largely myths.

Su questo libro

Recensione:

'... a most welcome book ... there is a surprising amount of information collected, well organised, and thoughtfully discussed.' Journal of Economic Literature

Descrizione del libro:

This book provides a critical analysis of widespread claims about the merits of the 'bank-based' German system of investment finance. It shows that these claims are not supported by the empirical evidence. Thus, there is no basis for the view that the German system of investment finance should be emulated by other countries.

Su questa edizione

• Editore: Cambridge University Press
• Data di pubblicazione: 1994
• ISBN 10: 0521453488
• ISBN 13: 9780521453486
• Rilegatura: Copertina rigida
• Numero di pagine: 264