C Fohlin - The Journal of Finance, 1998 - Wiley Online Library
Close bank relationships are thought to ameliorate firms' liquidity constraints—a
phenomenon frequently measured by liquidity sensitivity of investment. Using German firms
during the formative years of universal banking (1903–1913), this paper shows that, even ...
C Fohlin - 2007 - books.google.com
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 ...
C Fohlin - The Economic History Review, 1999 - Wiley Online Library
Bankers are thought by many to have played an important role as entrepreneurs and
overseers in German industrialization, identifying promising new industries and investments,
offering managerial advice to their client firms, and monitoring the use of investment funds. ...
C Fohlin - 2005 - nber.org
Since World War II, a general conception about German corporate governance has
gradually emerged. This consensus view, founded largely on scant and unrepresentative
evidence, contains a number of exaggerated claims about the German system of ...
C Fohlin - Explorations in Economic History, 1999 - Elsevier
This paper underscores the influence of political and legal environments and historical
accident in shaping financial systems and in determining their ability to promote growth. The
study suggests that many widely cited characteristics of the German banking system ...
C Fohlin - European Review of Economic History, 2002 - ereh.oxfordjournals.org
Abstract Previous researchers argue that the legal and regulatory environment helped
shape the German financial system in the nineteenth and early-twentieth centuries, with
particular emphasis on the damaging effects of the stock exchange law of 1896. This ...
C Fohlin - Social Science Working Paper No. 1089, 2000 - papers.ssrn.com
Abstract: Financial systems are often described either as bank-based, universal, and
relational or as market-based, specialized, and arms-length; and for many years academics
and policymakers have debated the relative merits of these different types of systems. This ...
C Fohlin - Research in Economics, 1997 - Elsevier
Explanations for the extensive interlocking of bank and firm directorates in pre-World War I
Germany have traditionally emphasized oversight and control by universal banks over their
industrial clientele. The economic logic inherent in the orthodox view suggests that bank- ...
C Fohlin - Explorations in Economic History, 1998 - Elsevier
This study presents new evidence on the influence of German-style relationship banking on
investment patterns of Italian firms. Bank-affiliated firms were larger than independent firms
but invested at lower rates. All firms, particularly newly public firms, demonstrate liquidity ...
C Fohlin - California Institute of Technology Social Science …, 2000 - papers.ssrn.com
Abstract: By studying the German universal banking system in the pre-World War I period, in
comparison with its American and British counterparts, this paper investigates whether
universality (the combination of commercial and investment banking services) influences ...
CM Fohlin - Working Papers, 1997 - econpapers.repec.org
By Caroline M. Fohlin; Bank Securities Holdings and Industrial Finance
Before World War I: Britain and Germany Compared.
C Fohlin - Review, 1998 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
C Fohlin - European Review of Economic History, 1999 - ereh.oxfordjournals.org
Abstract German-style universal banks are widely believed to improve capital mobilisation
and utilisation by stimulating savings, matching savers and investors, and offering business
and investment advice to entrepreneurs. Using aggregate and firm-level evidence on ...
T Gehrig… - Review of Finance, 2006 - rof.oxfordjournals.org
Abstract Based on daily prices (amtliche Kurse) we estimate effective spreads of securities
traded at the Berlin Stock Exchange in 1880, 1890, 1900 and 1910. Several extensions of
the Roll measure are applied. We find surprisingly tight effective spreads for the historical ...
C Fohlin - 1994 - en.scientificcommons.org
Publikationsansicht. 5462348. Financial intermediation, investment, and industrial
development :--universal banking in Germany and Italy from unification to World War
I /--by Caroline Fohlin. (1994). Fohlin, Caroline. Abstract. Thesis (Ph. ...
C Fohlin - Enterprise and Society, 2007 - Business Hist Conf
Abstract This article poses three main questions: Does the civil-law tradition favor large,
concentrated, universal banking systems? Does this sort of legal system work against the
development of active securities markets? Do powerful universal banks (whether or not ...
P Bossaerts… - 2001 - papers.ssrn.com
Abstract: The cross-section of average annual returns on German common stock in the
period of 1881-1913 exhibits several of the patterns that have been observed in more recent
US data. Market beta is hardly important, and its explanatory power is swamped by size ...
C Fohlin - Business History, 2001 - Taylor & Francis
Many economists and economic historians believe that certain types of financial systems
allocate an economy's resources more efficiently than others; and there is a widespread
sense in the US and the UK that the universal relationship banking systems of Germany ...
[CITATION] The history of corporate ownership and control in Germany
C Fohlin - 2004 - C. Fohlin
C Fohlin - 2001 - papers.ssrn.com
Abstract: Underpricing of new issues relates negatively to underwriter reputation in studies
covering the US during the early 1970s until 1997 but positively in one study of IPOs from
1992-4. This paper investigates whether IPO underpricing depends on the organization of ...
CM Fohlin - Working Papers, 1997 - econpapers.repec.org
By Caroline M. Fohlin; The Universal Banks and the Mobilization of Capital in Imperial Germany.
[CITATION] The deficiencies, excesses and control of competition: the development of the US stock market from the 1930s to 2001
M O'Sullivan, L Galambos… - … Public and Private Control: Germany and the …, 2006
C Fohlin - California Institute of Technology Social Science …, 1998 - mh-hss-p1.caltech.edu
Abstract Lack of both theoretical cogency and empirical evidence casts doubt on the
Gerschenkronian paradigm of banking and industrial development. Social, political, and
regulatory environments may shape nancial systems, and institutions may persist beyond ...
[CITATION] Relationship banking and firm liquidity const raints: evidence from the heyday of the German Universal Bank
CM Fohlin… - 1994 - Cit
C Fohlin - 1998 - hss.caltech.edu
Abstract Pecking order theories predict that information asymmetries result in excess costs
of, and thus resistence to, outside versus inside finance. Bank relationships should
ameliorate information problems, reduce cost differentials, and diminish reliance on ...
[CITATION] Corporate Capital Structure and the Influence of Universal Banks in Pre-World War I Germany
C Fohlin - Jahrbuch für Wirtschaftsgeschichte, 2002
[CITATION] Bank Structure and Growth: Insights from British and German Bank Balance Sheets Before World War I
CM Fohlin - Pasadena, California: California Institute of Technology, 1997
F Allen, F Capie, C Fohlin, H Miyajima, R Sylla… - 2010 - papers.ssrn.com
Abstract: The sources of finance for industrial development include (i) banks,(ii) securities
markets,(iii) internal finance,(iv) alternative sources of finance such as angel finance, trade
credit, families, and friends, and (v) governments. All four countries had sophisticated ...
[CITATION] The Rise and Fall of the Mixed Financial System in Germany
C Fohlin - Fohlin, C.: Corporate Finance and Governance in the …, 2004
[CITATION] Has the cross-section of average returns always been the same? Evidence from germany, 1881-1913
C Fohlin… - 2001 - Caltech Social Sciences Working …
[CITATION] Economic
C Fohlin - Political and Legal Factors in the Development of …, 2000
[CITATION] Corporate Capital Structure and the Influence of Universal Banks in Pre-War Germany,'Social Science Working Paper 1030r, Division Of The Humanities …
C Fohlin - 2000
[CITATION] Has the cross-section of average returns always been the same? evidence from Germany
P Bossaerts… - 1881
C Fohlin… - Available at SSRN: http://ssrn. com/abstract, 2006 - papers.ssrn.com
Abstract: A firm's investment-cash flow sensitivity is often considered evidence of financial
constraints, but such sensitivity may also stem from agency problems of free cash flows
(managers overinvest). Close banking relationships are thought to ameliorate financing ...
C Fohlin - Recherche, 2003 - papers.ssrn.com
... International Patterns in Historical Perspective Caroline Fohlin Johns Hopkins University
Forthcoming from Cambridge University Press UFJ Monograph Prize Series ... FINANCIAL SYSTEM
DESIGN AND INDUSTRIAL DEVELOPMENT CAROLINE FOHLIN Chapter 1: Introduction ...
[CITATION] Financial empire: New perspectives on finance, governance, and performance in the German industrialization
C Fohlin - 2006 - New York: Cambridge University …
[CITATION] Company Law, Stock Market Regulation, and the Development of the German Universal Banking System, 1884 r 1913
F Caroline - California Institute of Technology, Social science …, 2000
[CITATION] Company law, stock market regulation, and the development of the German banking system
C Fohlin - 2000 - Social Science Working Paper …
[CITATION] How Important Historically Were Financial Systems for Growth in the UK
F Allen, F Capie, C Fohlin, H Miyajima, R Sylla… - US, Germany, and Japan, 2011
[CITATION] A History of Corporate Governance Around the World: Family Business Groups to Professional Managers
C Fohlin… - 2005
C Fohlin - 2000 - Citeseer
1 14. See Fohlin,“The Rise.” The 1904 volume is also the earliest volume available in the
United States. Data collection from volumes held in Germany is underway. 15. Such
information is available in the recent period, and board memberships prove to be posit- ...
[CITATION] The History of Corporate Ownership and Control in Germany
F Caroline - 2004 - Baltimore: University of Chicago …
C Fohlin, S Robinson… - Journal of Agricultural …, 1989 - orton.catie.ac.cr
SIDALC - Servicio de Informacion y Documentacion Agropecuaria de las Americas.
C Fohlin - 2006 - econ2.jhu.edu
Venture capital has existed in one form or another since the earliest days of commercial
activity. The institutionalized form of venture capital, as it is practiced today, dates back only
to the early post-World War II era. General Georges Doriot is now commonly seen as the ...
C Fohlin, T Gehrig… - Carlo Alberto Notebooks, 2008 - ideas.repec.org
Despite reputedly widespread market manipulation and insider trading, we find surprisingly
high liquidity and low transactions costs for actively traded securities on the NYSE between
1890 and 1910, decades before SEC regulation. Moreover, market makers behave largely ...
[CITATION] Price Discovery in Early Securities Markets: The Case of the Berlin Stock Exchange
T Gehrig…
C Fohlin - Working Papers, 1997 - econpapers.repec.org
... Please update your bookmarks. Revolutionary Finance? Capital Mobilization and Utilization
in Pre-War Germany and Italy. Caroline Fohlin. No 999, Working Papers from California Institute
of Technology, Division of the Humanities and Social Sciences. ...
C Fohlin - 2012 - books.google.com
This book examines the origins of modern corporate finance systems during the rapid
industrialization period leading up to World War I. The study leads to three sets of
conclusions. First, modern financial systems are rooted in the past, are idiosyncratic to ...
L Carlson, B De Long, BJ Feme, C Fohlin… - Cambridge Univ Press
The editors and the Association wish to thank the following individuals who were chairs or discussants
at the 1996 Economic History Association meetings. ... Douglas Allen, Simon Fraser University
Robert Allen, University of British Columbia Leonard Carlson, Emory University Bradford ...
C Fohlin… - 2006 - cepr.org
Based on daily prices (amtliche Kurse) we estimate effective spreads of securities traded at
the Berlin Stock Exchange in 1880, 1890, 1900 and 1910. Several extensions of the Roll
measure are applied. We find surprisingly tight effective spreads for the historical data, ...
C Fohlin… - papers.ssrn.com
Abstract: Using a new set of monthly stock price data for a random sample of German
companies, we investigate the pattern of common stock returns on the Berlin Stock
Exchange between 1904 and 1910, when it ranked among the very top markets ...
C Fohlin… - helsinki.fi
* Both authors: Department of Economics, Johns Hopkins University, Baltimore, MD 21218.
fohlin@ jhu. edu. We thank Peter Bossaerts for his contribution to this study and participants
at the 2005 ASSA meetings in Philadelphia for helpful comments. Fohlin thanks the ...
CM Fohlin - Working Papers, 1995 - ideas.repec.org
Downloadable! No abstract is available for this item.
CM Fohlin - Working Papers, 1999 - ideas.repec.org
... Author Info. Fohlin, Caroline M. Registered author(s): Caroline Fohlin. Abstract. No
abstract is available for this item. Download Info. If you experience problems
downloading a file, check if you have the proper application to view it first. ...
C Fohlin - Working Papers, 1998 - ideas.repec.org
Lack of both theoretical cogency and empirical evidence casts doubt on the
Gerschenkronian paradigm of banking and industrial development. Social, political, and
regulatory environments may shape financial systems, and institutions may persist beyond ...
C Fohlin - The Journal of Economic History, 1998 - Cambridge Univ Press
Download a branded Cambridge Journals Online toolbar (for IE 7 only). What is this? ... Add
Cambridge Journals Online as a search option in your browser toolbar. What is this? ... Die Bundesbank
im westeuropäischen Wiederaufbau: Die internationale Währungspolitik der ...
C Fohlin - The Journal of Economic History, 1998 - Cambridge Univ Press
The final paper in this section, Edward Lazear's piece on corporate culture, may be the most
innovative of the collection. The immense literature review quickly brings the reader up to
speed on the myriad papers and books in the corporate psychology literature and also ...
C Fohlin - The Journal of Economic History, 1997 - Cambridge Univ Press
The first part of the book compares the patterns of industrialization in the two types of•
regions (decentralized and autarkic) of Germany and then discusses the national political
environment in which the two systems developed. In the Piore-Sabel tradition, Herrigel ...
C Fohlin - econ2.jhu.edu
Abstract: This paper explains the disparate paths of venture capital organizations in the
United States and Germany over the post-World War II period—the early emergence and
burgeoning of the sector in the US, and the lagging of development in Germany. The ...
C Fohlin - econ.rutgers.edu
World War I marked a key turning point in the development of the New York Stock Exchange,
transforming it from a major domestic market to the dominant global market. In this paper, I
investigate the performance of the NYSE in the period surrounding World War I, as it dealt ...
C Fohlin - 1997 - soviethistory.org
Financial systems va• significantly between Britain and Continental Europe, with formal
securities markets prevailing in the former and banks dominating in the latter. According to
the traditional paradigm, strong, universal banks played a central role in the ...
C Fohlin - The Journal of Economic History, 2000 - Cambridge Univ Press
Thomas Figueira radically reinterprets the Athenian Standards Decree (ASD, often
imprecisely termed the “Coinage” Decree), of which seven overlapping fragments survive on
stones once displayed in cities ofthe Athenian Empire. By the traditional interpretation, the ...
[CITATION] Bank Relationships and Firm Liquidity Constraints: The Case of Universal Banking in Kaiserreich Germany
C Fohlin… - 1994 - All-UC Group in Economic History
M Flach, C Fohlin… - calteches.library.caltech.edu
Thomas Ahrens (MS'58), professor of geophysics, has been awarded the Harry E. Hess
Medal of the American Geophysical Union for" outstanding achievements in research in the
constitution and evolution of Earth and sister planets." William Bridges, the Braun ...
C Fohlin - Working Papers, 1998 - ideas.repec.org
Information asymmetries and conflicts of interest are theorized to inflate the cost of external
finance, but formal bank relationships are thought to ameliorate such problems and may
even lead to excessive leverage. Bank oversight is associated with slightly higher ...
I Appel… - 2010 - papers.ssrn.com
Abstract: We find that the bans on covered short sales, implemented in several countries
during the financial crisis of 2008-09 improved market liquidity or at least had a neutral
impact; a result we argue could be expected in theory, given a simple variation on the ...
[CITATION] Relationship banking and corporate governance in the Kaiserreich
CM Fohlin - 1995 - California Institute of Technology
C Fohlin - Working Papers, 1997 - econpapers.repec.org
... Please update your bookmarks. Bank Structure and Growth: Insights from British and German
Balance Sheets Before World War I. Caroline Fohlin. No 1016, Working Papers from California
Institute of Technology, Division of the Humanities and Social Sciences. ...
C Fohlin… - Working Papers, 2000 - ideas.repec.org
The cross-section of average annual returns on German common stock in the period of 1881-
1913 exhibits several of the patterns that have been observed in more recent US data.
Market beta is hardly important, and its explanatory power is swamped by size and the ...
C Fohlin - Journal of Economic History, 2010 - Cambridge Univ Press
Investors in new stock issues in Germany in the 1880s experienced low spreads between
the price they paid for stock and the price at which they could sell the stock in the market.
Stock issuing companies paid substantial fees to underwriting banks, and these costs ...
C Fohlin - Small Business Economics, 2004 - Springer
Small Business Economics 23: 169–170, 2004. of the banks and of the traditional organized
capitalism model. NR-W is the most like the standard picture of the German economy, with
large firms, heavy industry, and active bank participation in financing. BW is more toward ...
C Fohlin… - Cliometrica, 2010 - Springer
Abstract We provide new evidence on the efficiency of the Berlin Stock Exchange prior to
World War I, when it ranked among the top few markets worldwide by market capitalization.
Using a new set of monthly stock price data for a random sample of German companies ...
C Fohlin - 2009 - aicgs.org
Deutschland AG was not an entirely new concept for Germany. The fundamental notion of
interconnectedness of the major industrial and financial interests—along with a close
relationship between those economic giants and the state—arose in varying, if less wide- ...
C Fohlin - The Journal of Economic History, 1996 - Cambridge Univ Press
Download a branded Cambridge Journals Online toolbar (for IE 7 only). What is this? ... Add
Cambridge Journals Online as a search option in your browser toolbar. What is this? ... Modern
Europe The Evolution of Financial Institutions and Markets in Twentieth-Century Europe. ...
P Bossaerts… - Econometric Society World Congress 2000 …, 2000 - ideas.repec.org
This paper investigates the importance of financial institutions, particularly universal banks,
in the pricing of risk in securities markets. Recent research on modern economies, finds that
three factors explain the cross-section of average stock returns:(i) a stock's sensitivity to ...
C Fohlin - Business History Review, 1999 - Cambridge Univ Press
The interplay between financial systems and the real economy attracts a great deal of
attention from historians and economists alike. In this volume, editors Phil Cottrell, Alice
Teichova, and Takeshi Yuzawa bring together researchers from Britain and Japan to ...
C Fohlin, T Gehrig… - 2009 - papers.ssrn.com
Abstract: Despite reputedly widespread market manipulation and insider trading, we find
surprisingly high liquidity and low transactions costs for actively traded securities on the
NYSE between 1890 and 1910, decades before SEC regulation. Moreover, market ...
C Fohlin - Working Papers, 1996 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
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