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Informationen zum Autor Caroline Fohlin is a Research Professor of Economics at Johns Hopkins University. She previously taught at the California Institute of Technology. Professor Fohlin is the author of the forthcoming book Financial System Design and Industrial Development: International Patterns in Historical Perspective! which was awarded the 1999 Japan-U.S. Center UFJ Bank Monographs in International Financial Research prize and which will be published by Cambridge University Press. Professor Fohlin's published research has appeared in publications such as the Journal of Finance! European Review of Economic History! Business History! Economic History Review! Explorations in Economic History! and Business and Economic History. Klappentext 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. Zusammenfassung This book uses theoretically motivated econometric analysis to understand the structure! performance! and influence of universal banks and securities markets on industrial firms during industrialisation. The findings show that securities markets can thrive within a civil-law! universal-bank system and suggest that financial system complexity can favour rapid industrial expansion. Inhaltsverzeichnis 1. Introduction; 2. The development of the German corporate finance system until 1913; 3. Theoretical perspectives on banking and financial system structure; 4. The development and impact of universal banking; 5. Corporate governance relationships: patterns and explanations; 6. Firm financing and performance; 7. Securities markets; 8. Upheaval and recovery; 9. Conclusion....
