Autori: Becht, Marco, Ramirez, Carlos
Titolo: Financial capitalism in pre-world war I Germany: the role of the universal banks in the financing of German mining companies 1906-1912
Periodico: European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 1993 - Fascicolo: 26 - Pagina iniziale: 3 - Pagina finale: 47

This paper compares two similar samples of mining and steel corporations in pre-WW I Germany. One sample consists of corporations that were affiliated to one or more of the Grofibanken, the German “Great Banks", the other of companies that had to rely on other sources of finance. Statistical analysis conducted in the framework of a linear fixed effects model indicates that non Grofibanken affiliated companies were liquidity constrained. In addition to the empirical analysis the paper sets out the structure of German corporate control as it was laid down in the trade law reform of 1884, and gives a brief summary of the development of the mining and steel industry in Imperial Germany.




Testo completo: http://hdl.handle.net/1814/467

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