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The Influence of the Financial Revolution on the Nature of FirmsRaghuram G. RajanUniversity of Chicago - Booth School of Business; International Monetary Fund (IMF); National Bureau of Economic Research (NBER) Luigi ZingalesUniversity of Chicago Booth School of Business; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR); University of Chicago - Polsky Center for Entrepreneurship; European Corporate Governance Institute (ECGI) February 2001 CRSP Working Paper No. 525 Abstract: Major technological, regulatory, and institutional changes have made finance more widely available in recent years. The ability of financial institutions to price a variety of exotic instruments, and to assess and spread risks, has increased. More data on potential borrowers is now available, and it is also more timely. Improvements in accounting disclosure have resulted in greater borrower transparency. Deregulation has resulted in greater competition and better prices in financial markets. Finally, regulatory barriers protecting the turf of different kinds of financial institutions have come down, resulting in the emergence of new institutional forms.
Number of Pages in PDF File: 13 JEL Classification: G10, G18, G20, M41, M45, L10 working papers seriesDate posted: February 12, 2001Suggested CitationContact Information
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