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The Influence of the Financial Revolution on the Nature of Firms

Raghuram G. Rajan
University of Chicago - Booth School of Business; International Monetary Fund (IMF); National Bureau of Economic Research (NBER)

Luigi Zingales
University 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)

May 2001

CEPR Discussion Paper No. 2782

Abstract:
Major technological, regulatory, and institutional changes have made finance more widely available in recent years, amounting to a bona fide 'financial revolution'. In this article, we focus on the impact the financial revolution has had on the way firms are (or should be) organized and managed, and on the policy consequences.

Keywords: Corporate governance, financial revolution, theory of the firm

JEL Classifications: L20

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Raghuram G. Rajan (Contact Author) University of Chicago - Booth School of Business ( email ) 5807 S. Woodlawn Avenue Chicago, IL 60637 United States 773-702-4437 (Phone) 773-702-0458 (Fax)
International Monetary Fund (IMF) ( email ) 700 19th Street NW Washington, DC 20431 United States
National Bureau of Economic Research (NBER) 1050 Massachusetts Avenue Cambridge, MA 02138 United States 773-702-9299 (Phone) 773-702-0458 (Fax)
Luigi Zingales University of Chicago Booth School of Business ( email ) 5807 South Woodlawn Chicago, IL 60637 United States 773-702-3196 (Phone) 773-834-2081 (Fax)
National Bureau of Economic Research (NBER) 1050 Massachusetts Avenue Cambridge, MA 02138 United States
Centre for Economic Policy Research (CEPR) 90-98 Goswell Road London EC1V 7RR United Kingdom
University of Chicago - Polsky Center for Entrepreneurship Chicago Illinois United States
European Corporate Governance Institute (ECGI) c/o ECARES ULB CP 114 B-1050 Brussels Belgium HOME PAGE: http://www.ecgi.org