Abstract:Firms' financial structure has changed drastically over the last decades. Entrepreneurs can get access to direct financing much more easily than they used to. With accelerating financial innovation, this better access to financial markets coincides with financial deepening, and it importantly contributes to disintermediation.To accommodate this structural mutation, banking regulation has adapted. It now allows financial institutions to be much more involved in market-based activities (e.g., securitization, inv… Show more
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