123 research outputs found
Ownership: Evolution and Regulation
No full textThis article is the first study of long-run evolution of investor protection and corporate ownership in the United Kingdom over the twentieth century. Formal investor protection emerged only in the second half of the century. We assess the influence of investor protection on ownership by comparing cross-sections of firms at different times in the century and the evolution of firms incorporating at different stages of the century. Investor protection had little impact on dispersion of ownership: even in the absence of investor protection, rates of dispersion of ownership were high, associated primarily with mergers. Preliminary evidence suggests that ownership dispersion in the United Kingdom relied more on informal relations of trust than on formal investor protection. The Author 2008. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: [email protected]., Oxford University Press.
The development and performance of European private equity
No full textPrivate equity represents one of the most interesting and important developments in the provision of capital to companies. Definitions of private equity vary, but in this paper we consider the entire asset class including early stage venture capital (VC), expansion financing and buy-outs
Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund
No full text
The moral economy of welfare states : Britain and Germany compared
No full textDefence date: 22 April 2002Examining board: Prof. Richard Breen (EUI/University of Oxford - supervisor) ; Prof. Colin Crouch (EUI) ; Prof. Stephan Leibfried (Universität Bremen) ; Prof. Karl Ulrich Mayer (MPI für Bildungforschung Berlin)PDF of thesis uploaded from the Library digitised archive of EUI PhD theses completed between 2013 and 2017The welfare state can be regarded as the major institutional arrangement of western societies that contributes to a socially accepted allocation of resources amongst the members of a given society. It is a means by which the political sphere re-balances intolerable inequalities and outcomes that have occurred within the market. For this purpose, a significant proportion of income must be transferred between individuals and social groups. Most welfare measures, therefore, are redistributive measures that aim at achieving a distribution of societal resources that is preferable to the primary distribution of the market
Trust in Financial Markets
No full text"This paper examines contemporaneous and historical evidence on the structure of ownership and control of corporate sectors in developed countries to draw lessons for development of financial markets. It records the critical role that equity markets played in the ownership and financing of corporations at the beginning of the 20th century. It notes that this occurred in the absence of formal systems of regulation and that equity markets functioned on the basis of informal relationships of trust. These were sustained through local stock markets in the UK, banks in Germany, and business coordinators and family firms in Japan. The paper explores the concept of trust that is required to promote the development of financial markets." Copyright (c) 2008 The Author Journal compilation (c) 2008 Blackwell Publishing Ltd.
Myths of the West : lessons from developed countries for development finance
No full textOver the years, World Bank missions recommended establishing development finance companies (DFCs) to provide long term financing for worthwile ( primarily industrial ) projects. The author reviews the DFCs performance and states that in general, it has been disappointing. Few are self supporting; a third are in serious difficulty, and by 1983 half of the banks had arrears on a quarter of their loans. By the early 1980s, the Bank's wisdom in establishing DFCs was being questioned. From the recent experience of a group of developed countries, the author concludes that : 1) an efficient banking system is central to the promotion of economic growth, 2) the performance of financial markets is not necessarily furthered by artificially lengthening the maturity of bank lending, 3) economic growth is not promoted through the financing of projects, 4) corporate organization, not project activity, is what distinguishes developed from developing countries. Economic growth relies on the structure and quality of financial institutions., and 5) financial assistance is only part of what is needed to create an appropriate institutional structure. Monitoring and rewarding individuals may often be more pertinent.Financial Intermediation,Banks&Banking Reform,Housing Finance,Economic Theory&Research,Non Bank Financial Institutions
Myths of the West: lessons from developed countries for development finance.
No full textOver the years, World Bank missions recommended establishing development finance companies (DFCs) to provide long term financing for worthwile ( primarily industrial ) projects. The author reviews the DFCs performance and states that in general, it has been disappointing. Few are self supporting; a third are in serious difficulty, and by 1983 half of the banks had arrears on a quarter of their loans. By the early 1980s, the Bank's wisdom in establishing DFCs was being questioned. From the recent experience of a group of developed countries, the author concludes that: 1) an efficient banking system is central to the promotion of economic growth, 2) the performance of financial markets is not necessarily furthered by artificially lengthening the maturity of bank lending, 3) economic growth is not promoted through the financing of projects, 4) corporate organization, not project activity, is what distinguishes developed from developing countries. Economic growth relies on the structure and quality of financial institutions., and 5) financial assistance is only part of what is needed to create an appropriate institutional structure. Monitoring and rewarding individuals may often be more pertinent
Institutional reform in emerging securities markets
No full textIn the long run, sound, efficient securities markets can contribute to economic growth; in the short run, they play an important role in financial liberalization. The author provides a guide to issues involved in institutional and regulatory reform of securities markets - and a discussion of the practical implications of different policy options and sequencing decisions. He argues that establishing sound securities markets requires institutional development that is a substantial task for many developing countries. Prerequisities for the development of securities markets include: (a) a macroeconomic and fiscal environment conducive to the supply of quality securities; (b) a legal, regulatory, and institutional infrastructure that can support efficient operation of the securities market. Essentially such an infrastructure must provide four things: (a) certainty about property rights and contracts; (b) transparent trading and other procedures and public disclosure by companies of all information relevant to the value of their securities; (c) protection against unfair practices by insiders and intermediaries; and (d) protection against the financial failure of intermediaries and market institutions such as clearinghouses. The author also provides examples of the policy conflicts and uncertainties that are routine in securities market reform and development, and suggests approaches to managing them.Financial Intermediation,Environmental Economics&Policies,Insurance&Risk Mitigation,Banks&Banking Reform,Economic Theory&Research
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