Although financial innovation has been an important part of the financial landscape
throughout modern economic history, it has received relatively little attention in academia …

Purpose The financial industry offers a unique setting to study innovations. Financial
innovations have fueled the growth of economies, markets and societies. The financial …

Europe's financial structure has become strongly bank-based–far more so than in other
economies. We document that an increase in the size of the banking system relative to …

Based on data from 32 countries over the period 1996–2010, this paper is the first to assess
the relationship between financial innovation, on the one hand, and bank growth and …

We develop a dynamic model of bank capital structure in an acquisitions context which
predicts:(i) total bank value and the bank's equity capital are positively correlated in the …

This article builds a theory of financial system architecture. We ask: what is a financial
market, what is a bank, and what determines the economic role of each? Starting with basic …

The objective of this paper is to compare the effectiveness of financial markets and financial
intermediaries in financing new industries and technologies in the presence of diversity of …

Contemporary Financial Intermediation, 4th Edition by Greenbaum, Thakor, and Boot
continues to offer a distinctive approach to the study of financial markets and institutions by …

This paper examines whether there are efficiencies that benefit issuers and underwriters
when a financial intermediary concurrently lends to an issuer while also underwriting its …

We review the economics of bank regulation as developed in the contemporary literature.
We begin with an examination of the central aspects of modem banking theories in …