This paper deals with two, potentially intertwined issues of stock exchange governance. First, we demonstrate in a static global games model that investment propensity will vary across different types of organizational forms and competition scenarios. Exchanges organized as mutuals are...

This paper deals with two, potentially intertwined issues of stock exchange governance. First, we demonstrate in a static global games model that investment propensity will vary across different types of organizational forms and competition scenarios. Exchanges organized as mutuals are...

Open end funds for private investors offer in general daily redemption of outstanding shares. A high liquidity of shares is in sharp contrast to the illiquidity of real estate. Therefore, the typical construction for real estate funds which are designed for a broader public is closed ended....

In a framework closely related to Diamond and Rajan (2001) we characterize different financial systems and analyze the welfare implications of different LOLR-policies in these financial systems. We show that in a bank-dominated financial system it is less likely that a LOLR-policy that follows...

The paper presents an empirical analysis of the alleged transformation of the financial systems in the three major European economies, France, Germany and the UK. Based on a unified data set developed on the basis of national accounts statistics, and employing a new and consistent method of...

Empirical evidence suggests that even those firms presumably most in need of monitoring-intensive financing (young, small, and innovative firms) have a multitude of bank lenders, where one may be special in the sense of relationship lending. However, theory does not tell us a lot about the...