By Jeremy Edwards, Klaus Fischer
This booklet offers a serious research of common claims in regards to the benefits of the "bank-based" German process of funding finance. the aim of the booklet is to supply an analytical beginning for those claims, and to confront them with empirical proof from the German financial system within the postwar interval. The authors convey that those claims aren't supported by means of the facts. this is often an immense discovering, because it finds that there's no foundation for the view that the German procedure of funding finance is one who can be emulated by way of different nations.
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Extra info for Banks, Finance and Investment in Germany
34 Banks, finance and investment in Germany individual suppliers, perhaps the most efficient financing arrangement from the suppliers' point of view is for the firm to have a very high proportion of debt in its total finance, so that the threat of bankruptcy is a powerful disciplining effect on managers. There are, however, some reasons why a very high fraction of debt financing is not the most efficient arrangement. The higher the fraction of debt in a firm's overall finance, other things equal, the more often bankruptcy will occur.
26 Banks, finance and investment in Germany costly for the manager, and the riskiness of the investment strategy chosen by the manager. Neither of these choices can be observed by the suppliers of outside finance. The realised value of thefirm'sprofits can, however, be observed by savers. Given this information structure, how does the form in which external finance is supplied affect managerial incentives to act in savers' interests? If savers supply funds to the firm in the form of equity, then some fraction of the firm's profits accrue to them rather than to the manager.
However, savers will be aware of the incentives for managers of firms to use the finance provided in ways which differ from savers' interests. In making and following up arrangements for providing finance to firms savers will therefore be concerned to provide incentives for managers to act in ways which are more closely aligned with their interests. The theoretical discussion usually considers two forms in which external finance can be supplied: debt and equity. Debt finance yields a fixed return to its suppliers in states when the firm is not bankrupt (that is, the firm has sufficient funds to make the fixed payment), while in states when the firm is bankrupt the suppliers of debt finance receive such funds as are available to the firm and also the right to make decisions about the firm's subsequent operation.
Banks, Finance and Investment in Germany by Jeremy Edwards, Klaus Fischer