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Who writes the rules for hostile takeovers, and why? - The peculiar divergence of US and UK takeover regulations

Armour, John; David A. Skeel, Jr. - ESRC Centre for Business Research - 2006

Hostile takeovers are commonly thought to play a key role in rendering managers accountable to dispersed shareholders … target managers are prohibited, whereas Delaware law gives US managers a good deal of room to maneuver. Existing accounts of …-making in the US have benefited managers by making it relatively difficult for shareholders to influence the rules. Moreover, it …

Persistent link: https://www.econbiz.de/10005688002

Legal capital: an outdated concept

Armour, John - ESRC Centre for Business Research - 2006

This paper reviews the case for and against mandatory legal capital rules. It is argued that legal capital is no longer an appropriate means of safeguarding creditors' interests. This is most clearly the case as regards mandatory rules. Moreover, it is suggested that even an 'opt in' (or...

Persistent link: https://www.econbiz.de/10005813028

The Influence of Stock Market Listing on Human Resource Managment: Evidence for France and Britain

Conway, Neil; Deakin, Simon; Konzelmann, Suzzanne J.; … - ESRC Centre for Business Research - 2008

We use data from REPONSE 2004 and WERS 2004 to analyse whether approaches to HRM differ according to whether an establishment is part of a company with a stock exchange listing. In both countries we find that listing is positively associated with teamworking and performance-related pay, while in...

Persistent link: https://www.econbiz.de/10005688004

Share Capital and Creditor Protection: Efficient Rules for a Modern Company Law?

Armour, John - ESRC Centre for Business Research - 1999

Examines the economic case for rules of company law which regulate the raising and maintenance of share capital by companies. Argues that the current rules are unlikely to enhance the efficiency of the markets which they regulate, and makes a tentative conclusion.

Persistent link: https://www.econbiz.de/10005688027

Can Domestic Liabilities Explain the Home Bias in UK Investment Portfolios?

Chaundy, David - ESRC Centre for Business Research - 1999

It has been suggested that domestic liabilities may be an important factor in explaining the existence of a home bias in international investment portfolios. This paper provides a theoretical justification for this claim in a mean-variance framework. However, an empirical analysis for the UK...

Persistent link: https://www.econbiz.de/10005162842

Corporate Ownership Structure and the Evolution of Bankruptcy Law in the US and UK

Armour, John; Cheffins, B.R.; D.A. Skeel Jr. - ESRC Centre for Business Research - 2002

The past decade has seen intense academic debates over possible explanations for the different systems of corporate ownership and control that exist in developed economies. Yet the role of bankruptcy as a mechanism of corporate governance has received relatively little attention. Furthermore,...

Persistent link: https://www.econbiz.de/10005162846

Are Good Managers Required for a Separation of Ownership and Control?

Cheffins, Brian R - ESRC Centre for Business Research - 2003

is delegated to a cohort of full?time executives, there needs to be “good” managers. In Britain, however, ownership …

Persistent link: https://www.econbiz.de/10005688021

Flexible or not? The Comply-or-Explain Principle in UK and German Corporate Governance

Sanderson, P.; Seidl, D.; Roberts, J.; Krieger, B. - ESRC Centre for Business Research - 2010

The current financial crisis has given rise to calls to toughen considerably the codes of corporate governance put in place in many countries to regulate corporate behaviour (e.g. the UK Combined Code). These codes vary slightly in form but tend to contain a mix of non-discretionary regulations...

Persistent link: https://www.econbiz.de/10010858394

Equality Law and the Limits of the 'Business Case' for addressing Gender Inequalities

McLaughlin, C.; Deakin. S. - ESRC Centre for Business Research - 2011

SRI and with managers in a range of organisations in both the private and public sector. We find that organisations are …

Persistent link: https://www.econbiz.de/10010858396

Anglo-Saxon Capitalism in Crisis? Models of Liberal Capitalism and the Preconditions for Financial Stability

Konzelmann, S.; Fovargue-Davies, M. - ESRC Centre for Business Research - 2011

The return to economic liberalism in the Anglo-Saxon world was motivated by the apparent failure of Keynesian economic management to control the stagflation of the 1970s and early 1980s. In this context, the theories of economic liberalism, championed by Friederich von Hayek, Milton Friedman and...

Persistent link: https://www.econbiz.de/10010548037