资源描述：
《universal banking and the performance of german firms bank credit cycles》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。
1、13UniversalBankingandthePerformanceofGermanFirms*GARYB.GORTONANDFRANKA.SCHMID13.1.INTRODUCTIONGermanuniversalbanksappeartobepowerfulinstitutionsinthattheycanownblocksofequityandvoteindividualshareholdersvotesinproxy.Thissystemhasbeencontroversialfor
2、overacentury(e.g.,Hilferding,1910)andisaddressedmorerecentlyinthereportoftheGesslerCommission(e.g.,Studienkommis-sion,1979;andKrümmel,1980),butapartfromCable(1985)therehasbeennoempiricalanalysisofthiscorporategovernancesystemandthereiscertainlynoagre
3、ementabouttheeffectsofGermanbanksontheperformanceoffirms.OneviewoftheGermansystemisthatGermanbanksarelarge,active,informedinvestorsthatimprovetheperformanceoffirmstotheextentthattheyholdequityandhavevotingpowerfromcastingthevotesofsmallinvestorsinproxy
4、.Banksareseenaslong-terminvestorswhooverseefirmsinvestmentsandorganizeinternalcapitalmarkets,ratherthanactingasmyopicinvestors(e.g.,Porter,1992;Grundfest,1990).Thebankingrelationshipmitigatesthecostsofbothexternalfinancingandofactivelymonitoringmanagem
5、ent.Pro-ponentsofthisviewseeGermanbanksasamodelofactiveblockshareholders*ThankstoAnupAgrawal,JörgBorrmann,WilliamCleveland,BillEmmons,SilverioForesi,JavierHidalgo,ChrisJames,ShmuelKandel,MarkLang,ErichLoitlsberger,ClausNiemann,BenediktPötscher,RaguRa
6、jan,ReinhardH.Schmidt,RenéStulz,andAndreiShleifer(thereferee)forsuggestionsanddiscussions.Also,thankstoLoriGorton,TatjanaGreil,HelgeHagge,ThomasHansen,JoachimPansgerau,RuthPaschka,andMartinaVenzforresearchassistance.GortonthankstheBankofEnglandforsup
7、portduringhistenureasaHoublon-NormanFellow.SchmidthanksDeutscheForschungsgemeinschaftforsupportwhenvisitingtheWhartonFinan-cialInstitutionsCenter.TheviewsexpressedinthispaperarethoseoftheauthorsandnotnecessarilythoseoftheFederalReserveBankofSt.Louiso
8、rtheFederalReserveSystem.UniversalBankingandGermanFirms355thatshouldbeemulatedinstock-market-basedeconomies(whereshareholdersaredispersedandinstitutionalinvestorsarepassive).Forexample,Grundfest(1990)asserts:InGermany,largebanksandindustrialcombinese
