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European financial integration and corporate governance

Author

Listed:
  • Buch, Claudia M.
  • Heinrich, Ralph P.

Abstract

The paper studies the link between the integration of European financial markets and corporate governance in Europe. The focus of the paper is on how integration affects the interplay of ownership structures, capital structures, and monitoring, all of which can be used to govern agency problems at the firm level. Integration is a process which comprises the abolition of capital controls, the harmonization of institutions, and the creation of a common currency area. These elements, in turn, affect the liquidity of markets, the cost of monitoring, and the cost of debt. Based on these considerations, implications for changes in the structure of corporate governance systems are derived.

Suggested Citation

  • Buch, Claudia M. & Heinrich, Ralph P., 2002. "European financial integration and corporate governance," Research Notes 2, Deutsche Bank Research.
  • Handle: RePEc:zbw:dbrrns:2
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    File URL: https://www.econstor.eu/bitstream/10419/40281/1/356079090.pdf
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    References listed on IDEAS

    as
    1. Swanson Norman, 1996. "Forecasting Using First-Available Versus Fully Revised Economic Time-Series Data," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 1(1), pages 1-20, April.
    2. David E. Runkle, 1998. "Revisionist history: how data revisions distort economic policy research," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall, pages 3-12.
    3. Granger, Clive W J, 1996. "Can We Improve the Perceived Quality of Economic Forecasts?," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 11(5), pages 455-473, Sept.-Oct.
    4. John R. Graham, 1999. "Herding among Investment Newsletters: Theory and Evidence," Journal of Finance, American Finance Association, vol. 54(1), pages 237-268, February.
    5. Batchelor, Roy & Dua, Pami, 1998. "Improving macro-economic forecasts: The role of consumer confidence," International Journal of Forecasting, Elsevier, vol. 14(1), pages 71-81, March.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    corporate governance; complementarity; financial integration;

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights

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