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Ownership and Control of German Corporations

Franks, Julian R; Mayer, Colin - C.E.P.R. Discussion Papers - 2001

pyramid structures can be used for control purposes. The static relation of ownership to control in Germany is therefore …

Persistent link: https://www.econbiz.de/10005666867

The Origination and Evolution of Ownership and Control

Franks, Julian R; Mayer, Colin; Rossi, Stefano - C.E.P.R. Discussion Papers - 2003

the end of the century, there was more extensive protection there than virtually anywhere else in the world. The UK …

Persistent link: https://www.econbiz.de/10005123634

Black Man’s Burden: Measured Philanthropy in the British Empire, 1880-1913

Accominotti, Olivier; Flandreau, Marc; Rezzik, Riad; … - C.E.P.R. Discussion Papers - 2008

Ferguson and Schularick (2006) recently provided a measure of the effect of Empire subjection on borrowing countries’ interest rates. They find this effect to be large and significant, ranging between 80 to 180 basis points. We argue that their methodology is inadequate and that their...

Persistent link: https://www.econbiz.de/10005666472

Crises and Punishment: Moral Hazard and the Pre-1914 International Financial Architecture

Flandreau, Marc - C.E.P.R. Discussion Papers - 2003

remedies that were commonly applied one century ago and find that the international financial world was fairly similar to the …

Persistent link: https://www.econbiz.de/10005791208

Monetary Union, Trade Integration, and Business Cycles in 19th Century Europe: Just Do It

Flandreau, Marc; Maurel, Mathilde - C.E.P.R. Discussion Papers - 2001

This Paper seeks to trace the impact of monetary arrangements on trade integration and business cycle correlation, focusing on Europe in the late 19th century period as a guide for modern debates. For this purpose, we first estimate a gravity model and show that monetary arrangements were...

Persistent link: https://www.econbiz.de/10005791820

Hamlet without the Prince of Denmark: Relationship banking and conditionality lending in the London market for government debt, 1815-1913

Flandreau, Marc; Zendejas, Flores; Huitzilihuitl, Juan - C.E.P.R. Discussion Papers - 2010

This paper offers a theory of conditionality lending in 19th-century international capital markets. We argue that ownership of reputation signals by prestigious banks rendered them able and willing to monitor government borrowing. Monitoring was a source of rent, and it led bankers to support...

Persistent link: https://www.econbiz.de/10008554223

Caveat Emptor: Coping With Sovereign Risk Without the Multilaterals

Flandreau, Marc - C.E.P.R. Discussion Papers - 1998

This paper studies how private banks dealt with sovereign risk before World War I. At that time there was no … period into the largest international bank in a country that was the second largest world creditor. In 1871, Crédit Lyonnais … it operated before World War I: given the prominence of Crédit Lyonnais on the international scene, its perceptions …

Persistent link: https://www.econbiz.de/10005656319

Underpricing, Ownership and Control in Initial Public Offerings of Equity Securities in the UK

Brennan, Michael J; Franks, Julian R - C.E.P.R. Discussion Papers - 1995

In this paper we examine how separation of ownership and control evolves as a result of an initial public offering (IPO) and how the underpricing of the issue can be used by insiders to retain control. Using data from a sample of 69 IPOs in the United Kingdom, we argue that IPO underpricing is...

Persistent link: https://www.econbiz.de/10005666807

The Price of Media Capture and the Looting of Newspapers in Interwar France

Bignon, Vincent; Flandreau, Marc - C.E.P.R. Discussion Papers - 2012

This paper develops a new insight enabling the empirical study of media capture: minority shareholders of newspapers and readers face similar risks. Both are adversely affected when corrupt insiders use the newspaper for personal profit and receive invisible revenues. This means that relevant...

Persistent link: https://www.econbiz.de/10011083663

The Returns to Hedge Fund Activism: An International Study

Becht, Marco; Franks, Julian R; Grant, Jeremy; Wagner, … - C.E.P.R. Discussion Papers - 2015

This paper provides evidence that returns to hedge fund activism are driven by engagement outcomes. We use a sample of 1,740 activist engagements from 23 countries to estimate performance of activism across North America, Europe and Asia. Striking differences emerge across countries in outcomes...

Persistent link: https://www.econbiz.de/10011207399