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The study of financial history has never been more important. This volume focuses on theories about the relationship of financial markets to the rest of the economy. Searching out information on financial institutions and markets from the past, this work tests theories from the 1980s and 90s with this data, mainly in two fields of economics: financial structure and performance and economic development. Understanding and testing the relationship between money and credit and the level of output in the economy, the author emphasizes, may help predict or prevent business cycles and even make it possible to increase the rate of development and growth of an economy. Although this volume focuses on one geographical and historical area of the US economy, the lessons and implications are relevant for the global economy of the 21st century.
The study of financial history has never been more important. This volume focuses on theories about the relationship of financial markets to the rest of the economy. Searching out information on financial institutions and markets from the past, this work tests theories from the 1980s and 90s with this data, mainly in two fields of economics: financial structure and performance and economic development. Understanding and testing the relationship between money and credit and the level of output in the economy, the author emphasizes, may help predict or prevent business cycles and even make it possible to increase the rate of development and growth of an economy. Although this volume focuses on one geographical and historical area of the US economy, the lessons and implications are relevant for the global economy of the 21st century.
We investigate the determinants of corporate financial reporting in an unregulated setting. Prior to World War I, limited liability companies in Belgium were obliged to publish financial statements, but financial reporting was virtually unregulated. Investor protection was generally very poor. Nevertheless, Belgian stock markets were booming. While the amount of information disclosed in the financial statements was generally low relative to the current levels of disclosure, there was significant variation in financial reporting across firms. Our results suggest that financial reporting was significantly affected by universal bank affiliations, bond financing and stock returns. Dividends were a substitute for income statement transparency.
We investigate how the Dodd-Frank Act (DFA) affects voluntary disclosures of large bank holding companies (BHCs) relative to other banks and unregulated firms in the financial sector. Using a difference-in-differences research design, we find that following the introduction of the DFA, large banks become less likely to issue earnings forecasts containing bad news. They also reduce the frequency of issuing earnings forecasts but increase the frequency of providing forecasts for dividends and return on assets. In earnings-related conference calls, managers of large banks offer information with incrementally higher numerical and forward-looking intensity in both the prepared remarks and their answers to analysts' questions. Finally, we find that large banks provide incrementally less information than other banks about certain regulated activities and instead focus more on commercial banking financial performance and market innovation. Our findings provide the first evidence of the unintended consequences of the DFA on changes in affected banks' voluntary disclosures, an important component of the information environment.
This paper looks at the advantages and disadvantages of mixing banking and commerce, using the quot;liquidityquot; approach to financial intermediation. Bringing a nonfinancial firm into a banking conglomerate may be advantageous because it may make it easier for the bank to dispose of assets seized in a loan default. The internal market formed inside the banking and commerce conglomerate increases the liquidity of such assets and improves the bank's ability to perform financial intermediation. More generally, owning a nonfinancial firm may act either as a substitute or a complement to commercial lending. In some cases, a bank will voluntarily refrain from making loans, choosing to become a non-bank bank in an unregulated environment.
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