TY  - RPRT
A1  - Corbett, Jenny
A1  - Edwards, Jeremy
A1  - Jenkinson, Tim
A1  - Mayer, Colin
A1  - Sussman, Oren
T1  - A response to Hackethal and Schmidt (2003) "Financing patterns: measurement concepts and empirical results"
N2  - Hackethal and Schmidt (2003) criticize a large body of literature on the financing of corporate sectors in different countries that questions some of the distinctions conventionally drawn between financial systems. Their criticism is directed against the use of net flows of finance and they propose alternative measures based on gross flows which they claim re-establish conventional distinctions. This paper argues that their criticism is invalid and that their alternative measures are misleading. There are real issues raised by the use of aggregate data but they are not the ones discussed in Hackethal and Schmidt’s paper. JEL Classification: G30
KW  - corporate finance
KW  - financial systems
Y1  - 2004
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/3670
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-18106
UR  - http://papers.ssrn.com/sol3/papers.cfm?abstract_id=493623
ER  -