Banks and Securities Markets: Corporate Financing in Germany and the UK.
This paper compares corporate financing in the German bank-based and UK market-based systems. Large German firms pay out a lower proportion of their profits as dividends and finance a larger proportion of their investments from retentions. German banks extend more long-term finance to medium-sized f...
Main Authors: | , |
---|---|
Format: | Working paper |
Language: | English |
Published: |
CEPR
1990
|