Financial intermediaries and markets can alleviate market frictions through producing information and risk sharing in different ways. In practice, the structure of financial systems can be bank-based or market-based, varying across countries. The influence of financial structure on economic...

We examine whether investor protection affects capital markets in terms of the development of corporate bond markets versus that of equity markets. Using a dataset of 42 countries, we show that in countries with stronger creditor rights, corporate bond markets are more developed than equity...

This paper describes the trends in foreign bank ownership across the world and presents, for the first time, empirical evidence on the causes of foreign banks' withdrawal from other nations. Using maximum likelihood estimation techniques and data on 81 closed foreign bank subsidiaries across 37...

This paper investigates whether foreign subsidiaries outperform their parent banks in terms of profitability and what determines this outcome. Using a sample of multinational banks and their subsidiaries in a large number of countries, this study shows that, on average, foreign subsidiaries are...

This paper investigates whether foreign subsidiaries outperform their parent banks in terms of profitability and what determines this outcome. Using a large sample of multinational banks and their subsidiaries in a large number of countries, this study shows that, on average, foreign...

This paper describes the trends in foreign bank ownership across the world and presents, for the first time, empirical evidence of the causes of multinational banks' exits from other countries. Using panel data for 149 closed or divested foreign bank subsidiaries across 54 countries from 1997 to...