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Banks, Finance and Investment in Germany (Paperback, Revised)
Loot Price: R1,031
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Banks, Finance and Investment in Germany (Paperback, Revised)
Expected to ship within 12 - 19 working days
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This book analyses the widely-held view of the merits of the
'bank-based' German system of finance for investment, and shows
that this view is not supported by evidence from the post-war
period. The institutional features of the German system are such
that universal banks have control of voting rights at shareholders'
meetings due to proxy votes, and they also have representation on
companies' supervisory boards. These features are claimed to have
two main benefits. One is that the German system reduces asymmetric
information problems, enabling banks to supply more external
finance to firms at a lower cost, and thus increasing investment.
The other is that German banks are able to mould and control
managements of firms on behalf of shareholders, and thus ensure
that firms are run efficiently. This book assesses whether
empirical evidence backs up these claims, and shows that the merits
of the German system are largely myths.
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