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Do Financial Institutions Matter? Author info | Abstract | Publisher info | Download info | Related research | Statistics Franklin Allen
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In standard asset pricing theory, investors are assumed to invest directly in financial markets. The role of financial institutions is ignored. The focus in corporate finance is on agency problems. How do you ensure that managers act in shareholders' interests? There is an inconsistency in assuming that when you give your money to a financial institution there is no agency problem but when you give it to a firm there is. It is argued both areas need to take proper account of the role of financial institutions and markets. Appropriate concepts for analyzing particular situations should be used.
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Paper provided by Wharton School Center for Financial Institutions, University of Pennsylvania in its series Center for Financial Institutions Working Papers with number
01-04.
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Date of creation: Feb 2001Date of revision:
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Diamond, Douglas W & Dybvig, Philip H, 1983.
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"Have Banks Contributed to Efficient Management in Japan's Manufacturing? ,"
CIRJE F-Series
CIRJE-F-76, CIRJE, Faculty of Economics, University of Tokyo.
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Larry Blume & David Easley, 2001.
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Viral V. Acharya & Lasse Heje Pedersen, 2004.
"Asset Pricing with Liquidity Risk ,"
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Other versions:
Acharya, Viral V & Pedersen, Lasse Heje, 2004.
"Asset Pricing with Liquidity Risk ,"
CEPR Discussion Papers
4718, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Acharya, Viral V & Pedersen, Lasse Heje, 2003.
"Asset Pricing with Liquidity Risk ,"
CEPR Discussion Papers
3749, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Acharya, Viral V. & Pedersen, Lasse Heje, 2005.
"Asset pricing with liquidity risk ,"
Journal of Financial Economics ,
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[Downloadable!] (restricted) Amil Dasgupta & Andrea Prat, 2005.
"Reputation and Asset Prices: A Theory of Information Cascades and Systematic Mispricing ,"
Levine's Bibliography
784828000000000368, UCLA Department of Economics.
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Dasgupta, Amil & Prat, Andrea, 2005.
"Asset Price Dynamics When Traders Care About Reputation ,"
CEPR Discussion Papers
5372, C.E.P.R. Discussion Papers.
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Jorge M.Streb & Javier Bolzico & Pablo Druck & Alejandro Henke & José Rutman & Walter Sosa Escudero, 2002.
"Bank relationships: effect on the availability and marginal cost of credit for firms in Argentina ,"
CEMA Working Papers: Serie Documentos de Trabajo.
216, Universidad del CEMA.
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Other versions: Gérard Charreaux, 2001.
"Variation sur le thème 'A la recherche de nouvelles fondations pour la finance et la gouvernance d'entreprise' ,"
Working Papers FARGO
011201, Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance), revised Jul 2002.
[Downloadable!]
Other versions: Gary Gorton & Ping He & Lixin Huang, 2006.
"Asset Prices When Agents are Marked-to-Market ,"
NBER Working Papers
12075, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
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