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Finance Capitalism and Germany S Rise to Industrial Power

3/5 ( ratings)

Based on a wide array of new data collected by the author, the book uses clear theoretically-motivated economic analysis to explain the structure, performance, and influence of universal banks and securities markets on firms during industrialization. The German universal banks played a significant but not overwhelming role in the ownership and control of corporate firms. Banks gained access to boards via a confluence of their underwriting and brokerage activities, the legal phenomena of bearer shares and deposited voting rights, and the flourishing securities markets of the turn of the twentieth century. In general, bank relationships had little impact on firm performance; stock market listings, or ownership structure, were more important. The findings show that securities markets can thrive within a civil-law, universal-bank system and suggest that financial system complexity can favor rapid industrial expansion.

Pages: 407

Format: ebook

Publisher: Cambridge University Press

Release: January 10, 2010

ISBN: 1280749113

ISBN 13: 9781280749117

Finance Capitalism and Germany S Rise to Industrial Power

3/5 ( ratings)

Based on a wide array of new data collected by the author, the book uses clear theoretically-motivated economic analysis to explain the structure, performance, and influence of universal banks and securities markets on firms during industrialization. The German universal banks played a significant but not overwhelming role in the ownership and control of corporate firms. Banks gained access to boards via a confluence of their underwriting and brokerage activities, the legal phenomena of bearer shares and deposited voting rights, and the flourishing securities markets of the turn of the twentieth century. In general, bank relationships had little impact on firm performance; stock market listings, or ownership structure, were more important. The findings show that securities markets can thrive within a civil-law, universal-bank system and suggest that financial system complexity can favor rapid industrial expansion.

Pages: 407

Format: ebook

Publisher: Cambridge University Press

Release: January 10, 2010

ISBN: 1280749113

ISBN 13: 9781280749117

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