| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4334 |
| DP4334 Optimal Simple and Implementable Monetary and Fiscal Rules | |
| Martín Uribe; Stephanie Schmitt-Grohé | |
| 发表日期 | 2004-03-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Some of the most widely expressed myths about the German financial system are concerned with the close ties and intensive interaction between banks and firms, often described as Hausbank relationships. Links between banks and firms include direct shareholdings, board representation, and proxy voting and are particularly significant for corporate governance. Allegedly, these relationships promote investment and improve the performance of firms. 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 control. In this Paper, we review recent empirical evidence regarding the special role of banks for the corporate governance of German firms. We differentiate between large exchange-listed firms and small and medium sized companies throughout. With respect to the role of banks as monitoring investors, the evidence does not unanimously support a special role of banks for large firms. Only one study finds that banks? control of management goes beyond what non-bank shareholders achieve. Proxy-voting rights apparently do not provide a significant means for banks to exert management control. Most of the recent evidence regarding small firms suggests that a Hausbank relationship can indeed be beneficial. Hausbanks are more willing to sustain financing when borrower quality deteriorates, and they invest more often than arm?s-length banks in workouts if borrowers face financial distress. |
| 主题 | Financial Economics |
| 关键词 | Relationship lending Hausbank Universal banking Corporate finance Corporate governance |
| URL | https://cepr.org/publications/dp4334 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533293 |
| 推荐引用方式 GB/T 7714 | Martín Uribe,Stephanie Schmitt-Grohé. DP4334 Optimal Simple and Implementable Monetary and Fiscal Rules. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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