A Response to Hackethal and Schmidt (2003) 'Financing Patterns: Measurement Concepts and Empirical Results'

11 Pages Posted: 3 Feb 2004

See all articles by Jenny Corbett

Jenny Corbett

Australian National University (ANU) - Crawford School of Public Policy; University of Oxford - Nissan Institute of Japanese Studies; Centre for Economic Policy Research (CEPR)

Jeremy Edwards

University of Cambridge - Faculty of Economics and Politics; CESifo (Center for Economic Studies and Ifo Institute)

Tim Jenkinson

University of Oxford - Said Business School; European Corporate Governance Institute (ECGI)

Colin Mayer

University of Oxford - Said Business School; Centre for Economic Policy Research (CEPR); European Corporate Governance Institute (ECGI)

Oren Sussman

University of Oxford - Said Business School; Ben-Gurion University of the Negev; University of London; University of Oxford - Said Business School

Date Written: January 15, 2004

Abstract

Hackethal and Schmidt (2003) criticize a large body of literature on the financing of corporate sectors in different countries that questions some of the distinctions conventionally drawn between financial systems. Their criticism is directed against the use of net flows of finance and they propose alternative measures based on gross flows which they claim re-establish conventional distinctions. This paper argues that their criticism is invalid and that their alternative measures are misleading. There are real issues raised by the use of aggregate data but they are not the ones discussed in Hackethal and Schmidt's paper.

Keywords: Corporate finance, financial systems

JEL Classification: G30

Suggested Citation

Corbett, Jennifer M. and Edwards, Jeremy and Jenkinson, Tim and Mayer, Colin and Sussman, Oren, A Response to Hackethal and Schmidt (2003) 'Financing Patterns: Measurement Concepts and Empirical Results' (January 15, 2004). Available at SSRN: https://ssrn.com/abstract=493623 or http://dx.doi.org/10.2139/ssrn.493623

Jennifer M. Corbett

Australian National University (ANU) - Crawford School of Public Policy ( email )

Crawford Building
J.G. Crawford Building, #132, Lennox Crossing
Canberra, Australian Capital Territory 0200
Australia

University of Oxford - Nissan Institute of Japanese Studies ( email )

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Oxford OX2 6NA
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01865 274574 (Fax)

Centre for Economic Policy Research (CEPR)

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Jeremy Edwards

University of Cambridge - Faculty of Economics and Politics ( email )

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CESifo (Center for Economic Studies and Ifo Institute)

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Tim Jenkinson

University of Oxford - Said Business School ( email )

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+44 1865 288831 (Fax)

HOME PAGE: http://www.sbs.oxford.edu/timjenkinson

European Corporate Governance Institute (ECGI)

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HOME PAGE: http://www.ecgi.org

Colin Mayer (Contact Author)

University of Oxford - Said Business School ( email )

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+44 1865 288805 (Fax)

Centre for Economic Policy Research (CEPR)

London
United Kingdom

European Corporate Governance Institute (ECGI)

c/o ECARES ULB CP 114
B-1050 Brussels
Belgium

HOME PAGE: http://www.ecgi.org

Oren Sussman

University of Oxford - Said Business School ( email )

Park End Street
Oxford, OX1 1HP
Great Britain
+44 1865 288 926 (Phone)
+44 1865 288 805 (Fax)

Ben-Gurion University of the Negev

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ISRAEL

University of London ( email )

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London, London NW1 4SA
United Kingdom

University of Oxford - Said Business School ( email )

Park End Street
Oxford, OX1 1HP
Great Britain
+44 1865 288 926 (Phone)
+44 1865 288 805 (Fax)

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