Venture Capital and the Structure of Capital Markets: Banks Versus Stock Markets

@article{Gilson1996VentureCA,
  title={Venture Capital and the Structure of Capital Markets: Banks Versus Stock Markets},
  author={Ronald J. Gilson and Bernard Black},
  journal={Corporate Finance: Governance},
  year={1996}
}
The United States has many banks that are small relative to large corporations and play a limited role in corporate governance, and a well developed stock market with an associated market for corporate control. In contrast, Japanese and German banks are fewer in number but larger in relative size and are said to play a central governance role. Neither country has an active market for corporate control. We extend the debate on the relative efficiency of bank- and stock market-centered capital… 
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