Capital

Working Paper

Active Financial Intermediation: Evidence on the Role of Organizational Specialization and Human Capital

Financial intermediaries can choose the extent to which they want to be active investors, providing valuable services like advice, support and corporate governance. We examine the determinants of the decision to become an active financial...Read more

Marco Da Rin
Thomas Hellmann
01 September 2004

Financial Integration and Firm Performance: Evidence from Foreign Bank Entry in Emerging Markets

While the positive growth effects of financial integration are extensively documented, little is known of its impact on small and young firms. This paper aims to fill this void relying on a panel of 60,000 firm-year observations on listed and...Read more

Mariassunta Giannetti
01 July 2005

Financial Liberalization and Banking Crises: The Role of Capital Inflows and Lack of Transparency

This paper shows that the liberalization of capital inflows may undermine bank stability in emerging markets. After financial liberalization, uninformed international investors rationally provide large amounts of funds at low cost. This enables...Read more

Mariassunta Giannetti
01 December 2005

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