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雷达卡
CONTENT
FIGURES ....................................................................................................................... III
TABLES ......................................................................................................................... VI
1 INTRODUCTION AND EXECUTIVE SUMMARY ......................................................... 8
1.1 MOTIVATION AND SCOPE OF THE STUDY ....................................................................... 8
1.2 OUTLINE OF THE STUDY ............................................................................................. 8
2 INVESTMENT BANKING AND GROWTH ................................................................. 11
2.1 INVESTMENT BANKING DEFINITION ............................................................................ 11
2.2 FINANCE AND GROWTH LITERATURE .......................................................................... 16
2.2.1 Theoretical Literature ................................................................................... 16
2.2.2 Empirical Literature ...................................................................................... 18
3 EMPIRICAL ANALYSIS OF THE CONTRIBUTIONS OF INVESTMENT BANKING TO THE
ECONOMY .................................................................................................................... 24
3.1 FINANCIAL ADVISORY WITH FOCUS ON M&A ADVISORY ................................................. 25
3.1.1 The M&A Market in Germany ....................................................................... 26
3.1.2 Company Survey on the Corporate Use of M&A Advisory ............................ 30
3.1.3 Impact of M&A on profitability and productivity .......................................... 42
3.1.3.1 Literature Review ..................................................................................... 42
3.1.3.2 Descriptive analysis .................................................................................. 47
3.1.3.3 Empirical analysis ..................................................................................... 50
3.1.3.4 Conclusion ................................................................................................ 51
3.2 PRIMARY MARKET .................................................................................................. 52
3.2.1 Empirical results on the relationhip between credit and GDP ...................... 52
3.2.2 Securitized products and their relationship to credit and GDP growth ........ 57
3.2.3 Equity and Debt Financing ............................................................................ 61
3.2.4 Company Survey on Capital Market Access .................................................. 64
3.3 DERIVATIVES ......................................................................................................... 72
3.3.1 Descriptive Analysis of the Derivatives Market ............................................ 72
3.3.2 Literature Review on Role of Derivatives for the Economy ........................... 80
3.3.3 Literature Review on Exchange Rate Uncertainty and Trade ....................... 83
3.3.4 Company Survey on Corporate Usage of Derivatives ................................... 89
3.4 INVESTMENT BANKS AND SYSTEMIC RISK SPILLOVERS .................................................. 106
3.4.1 Methodology .............................................................................................. 107
3.4.2 Data ............................................................................................................ 109
3.4.3 Results ........................................................................................................ 110
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