Financial globalization is an inherent feature of today’s economies. But the positive impact of financial globalization has been limited and some puzzling evidence has been found recently. To explain these puzzles, Stulz argued that finance is critically affected by Twin Agency Problems:...

Worldwide, the idea of "person-less" banks, and full-service (financial services) institutions which compete with "non-bank" financial services organizations, are becoming the new way of doing business. To meet global competition, the Canadian Financial Services Industry has a need to conduct...