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: | , |
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| Format: | Working paper |
| Language: | English |
| Published: |
CEPR
1990
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