How is investment financed? A Study of Germany, Japan, UK and US

Corbett, Jenny and Jenkinson, Tim (1997) How is investment financed? A Study of Germany, Japan, UK and US. The Manchester School, 65. pp. 69-93.

Abstract

The aims of this paper are, first, to construct a consistent comparative set of data on the sources of finance for investment over the period 1970–94 for the United Kingdom, the United States, Germany and Japan, and, second, to challenge conventional views of the international differences in financing patterns. We find that there is little evidence to support the view that Germany is a “bank-financed” system nor that the United Kingdom or the United States are “market financed”. Whilst bank finance is more important in Japan, there has been a steady decline in the proportion of investment financed by banks over the last 25 years.

Item Type: Article
Keywords: investments; finance
Subject(s): Private equity
Finance
Centre: Oxford Private Equity Institute
Faculty of Finance
Date Deposited: 03 Jan 2012 16:24
Last Modified: 23 Oct 2015 14:06
URI: http://eureka.sbs.ox.ac.uk/id/eprint/1380

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