Due to the recent popularity of crowdfunding, a broad magnitude of crowdfunding intermediaries has emerged, while research on crowdfunding intermediaries has been largely neglected. As a consequence, existing classifications of crowdfunding intermediaries are conceptual, lack theoretical grounding, and are not empirically validated. Thus, we develop an empirical taxonomy of crowdfunding interme...

A complex financial system comprises both financial markets and financial intermediaries. We distinguish financial intermediaries according to whether they issue complete contingent contracts or incomplete contracts. Intermediaries such as banks that issue incomplete contracts, e.g., demand deposits, are subject to runs, but this does not imply a market failure. A sophisticated financial system...

Regulation may impact on financial risk taking by financial intermediaries by way of the decision-making process envisaged in the various possible legal structures set forth by the law. In Europe there are three different possible board structures: the one-tier board system, typical of the UK, Spain and many other countries, the vertical two-tier system, typical of Germany and of the Netherland...

banks' major responsibility, as the largest financial intermediaries, is to provide and allocate resources. this activity has its own risks which cause banks to seek ways of preventing or transferring them to other places. islamic banks as substitutes of conventional banks in islamic countries have, in their turn, faced similar risks. in regard to new evolutions in banking industry and man...

The savings/investment process in capitalist economies is organized around financial intermediation, making them a central institution of economic growth. Financial intermediaries are firms that borrow from consumer/savers and lend to companies that need resources for investment. In contrast, in capital markets investors contract directly with firms, creating marketable securities. The prices o...

Because poorly developed financial markets block economic growth, it is argued that modern intermediaries (banks) have to replace traditional intermediaries. The claim is that the traditional intermediaries are inefficient. We test that claim using an original panel data set from nineteenthcentury France that is the first to provide quantitative evidence about traditional intermediaries (notari...

The banking sector is one of the important financial intermediaries in an economic system. Improvement in the banking sector can achieve optimal allocation of financial resources. The performance of banks and other financial service providers has direct effect on economic growth. One of the factors that can affect the banks operation is economic freedom. Economic freedom and freedom of private ...

We examine the impact of undervaluation on a firm's use trade credit. To address potential endogeneity bias, we construct our instrumental variable based mutual fund outflow-driven price pressure, and measure allows us to distinguish misvaluation from fair valuation. find that suppliers play an important role in providing temporary bridge financing when firm is undervalued. The effect varies wi...