Does bank affiliation mitigate liquidity constraints? Evidence from Germany's Universal banks in the pre-World War I period
AbstractThis paper compares two similar samples of mining and steel corporations in preâWorld War I Germany: one sample consists of corporations that were affiliated to one or more of the German âUniversal Banksâ, and the second sample consists of companies that had to rely on other sources of finance. Statistical analysis conducted in the framework of a linear fixed effects model indicates that the non-affiliated companies were liquidity constrained. The paper also sets out the corporate control structure as laid down in the trade law reform of 1884 and traces the origins of the current German dual board system, as well as the origins of several other aspects of the institutions that tied the German banking system to industrial concerns.
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Bibliographic InfoPaper provided by ULB -- Universite Libre de Bruxelles in its series ULB Institutional Repository with number 2013/13310.
Date of creation: 2003
Date of revision:
Publication status: Published in: Southern Economic Journal (2003) v.70 nÂ° 2,p.254
Other versions of this item:
- Marco Becht & Carlos D. Ramírez, 2003. "Does Bank Affiliation Mitigate Liquidity Constraints? Evidence from Germany's Universal Banks in the Pre-World War I Period," Southern Economic Journal, Southern Economic Association, vol. 70(2), pages 254-272, October.
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- Deloof M. & Vermoesen V., 2011. "The value of bank relationships: Evidence from Belgium at the start of the Great Depression," Working Papers 2011021, University of Antwerp, Faculty of Applied Economics.
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