a spectacular nature as to impress one with its specificity, but in very few cases indeed could such a belief be continued for any length of time. I have noticed that in the majority of cases, either repeated and refractory recurrences have followed, dashing to the ground the fervent hopes of the most optimistic experimenter, or such disastrous consequences have resulted which might well make t...

Conglomerates, trade credit arrangements and banks are all instances of financial intermediation. However, in spite of this fundamental similarity, important differences exist between these institutions. In particular, they differ in the extent to which the projects financed absorb aggregate intermediary risk, in whether or not intermediation is carried out by a financial specialist, in the typ...