IX. Geld und kapital

Ohne Zusammenfassung     

The Service Sector is Also Productive

Does growth come from manufacturing or services? Walter Eltis, Director General of NEDO, and Andrew Murfin, argue there is no evidence that manufacturing is more important as a source of economic growth than services.     

Lösung eines Maschinen-Reihenfolge-Problems von Thompson mit Hilfe eines lexikographischen Suchalgorithmus

Ohne Zusammenfassung     

Bank underwriting of debt securities: modern evidence

This article examines debt securities underwritten by Section20 subsidiaries of bank holding companies relative to thoseunderwritten by investment houses. Consistent with a net certificationeffect for banks, bank underwriting of lower credit rated firmsto whom the bank lends results in relatively higher prices (loweryields). We find no evidence of conflicts of interest even whenan issue is used to repay bank debt. Further, banks bring arelatively larger proportion of small issues to the market.Contrary to the contention that universal banking stunts availabilityof finance to small firms, bank underwritings appear to benefitsmall firms.