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The Great Recession of 2009-2011 has left us short of instruments, bereft of confidence, and generally unprepared for a low-growth world. In this book, more than a dozen noted scholars discuss the prospects for future regrowth within analyses of key policy problems, major markets, and promising avenues for stimulating long-term economic growth.
This book assembles the world's most authoritative specialists for a comparative analysis of the enforcement of corporate and securities laws in thirteen national jurisdictions. It examines the enforcement of corporate and securities laws across the globe and across different legal and political systems from an in-depth comparative perspective.
Recoveries vary considerably across countries: our paper compares recoveries in bank-based and market-based economies and finds that market-based economies experience significantly and durably stronger rebounds than the bank-based ones (in particular the more bank-based economies of continental Europe). Further, stronger recoveries also tend to be associated with broader economic flexibility. Our findings suggest that dealing with bank sector vulnerabilities is paramount to support the recovery. In the medium term, structural policies to deepen financial markets are useful, but need to be complemented with structural measures to address rigidities more broadly in the real economy.
First Published in 1998. Routledge is an imprint of Taylor & Francis, an informa company.
Hedge funds have started to play an important role in financial markets during the last decade. They have affected important aspects of financial intermediation such as asset allocation decisions and corporate governance. Julian Holler provides an excellent theoretical and empirical analysis of these issues. His analysis offers strong support that hedge funds enable investors to improve asset allocation decisions. Consequently, hedge funds are an interesting alternative asset class for institutional investors. In contrast to results for the U.S. capital market his research provides evidence that hedge fund activism does not persistently increase the value of firms in Germany. This result suggests that the institutional environment has a strong influence on the effectiveness of corporate governance mechanisms.
"Because the prevailing product market strategies of German firms are solidly based on the stakeholder model, change will be limited to those elements that do not destroy the firms' competive advantage."--BOOK JACKET.
Martin Hülsen explores individual behavioral trustworthiness of and within the banking industry in Germany based on an economic experiment combined with psychological instruments. He finds that bankers have a reputation for being untrustworthy. However, his evidence also shows that the true story of banker trustworthiness is more complex: In particular, he explores differences between employees of commercial banks on the one hand and employees of savings and cooperative banks on the other.
Corporate law and corporate governance have been at the forefront of regulatory activities across the world for several decades now, and are subject to increasing public attention following the Global Financial Crisis of 2008. The Oxford Handbook of Corporate Law and Governance provides the global framework necessary to understand the aims and methods of legal research in this field. Written by leading scholars from around the world, the Handbook contains a rich variety of chapters that provide a comparative and functional overview of corporate governance. It opens with the central theoretical approaches and methodologies in corporate law scholarship in Part I, before examining core substant...
This volume examines issues concerning the challenges and opportunities for international banks in the rapidly changing global environment. It looks at financial markets and banking, examines the role of banks and lawyers in the global financial crisis, explores post-crisis financial regulation, and highlights determinants of international banking.
"A Century Foundation book".