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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 ...
Banks, Finance and Investment in Germany
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.
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37.790000 USD

Banks, Finance and Investment in Germany

by Klaus Fischer, Jeremy Edwards
Paperback / softback
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Making Sense of Subsidiarity goes right to the heart of many of the tensions now facing the EU. The principle articulates a presumption that the powers of EU institutions should be limited to those that cannot be adequately performed by its member states. This Report argues that until detailed arguments ...
Making Sense of Subsidiarity: How Much Centralization for Europe?
Making Sense of Subsidiarity goes right to the heart of many of the tensions now facing the EU. The principle articulates a presumption that the powers of EU institutions should be limited to those that cannot be adequately performed by its member states. This Report argues that until detailed arguments for and against centralization are made, the principle remains an incomplete guide to decisions as to where power should reside. Sections cover: labour mobility and its implications for the centralization of income tax and social security; economic integration and the Social Chapter; fiscal policy, macroeconomic stabilization and the Maastricht rules; environmental policy; merger policy; and European agriculture.
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USD

Making Sense of Subsidiarity: How Much Centralization for Europe?

by Paul Seabright, Damien J. Neven, Vittorio Grilli, Jean-Pierre Danthine, Hans-Werner Sinn, Jeremy Edwards, Anthony J. Venables, Charles Wyplosz, David K.H. Begg
Paperback / softback
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