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development around the world today (La Porta et al, 1998, 1999 and passim). This paper examines the persistence of the effects of … variation observed in financial development around the world today is likely a product of events of the twentieth century rather …
Persistent link: https://www.econbiz.de/10013139896
Which public policies and ownership structures enhance the governance of banks? This paper constructs a new database on the ownership of banks internationally and then assesses the ramifications of ownership, shareholder protection laws, and supervisory/regulatory policies on bank valuations....
Persistent link: https://www.econbiz.de/10012786320
This paper examines legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries. The results show that common law countries generally have the best, and French civil law countries the worst, legal...
Persistent link: https://www.econbiz.de/10012789111
that the principal agency problem in large corporations around the world is that of restricting expropriation of minority …
Persistent link: https://www.econbiz.de/10013216853
Around the world, large corporations usually have controlling owners, who are usually very wealthy families. Outside …
Persistent link: https://www.econbiz.de/10012754592
-law countries. And while equity blocks are commonplace across widely-held firms all around the world and across all legal families …
Persistent link: https://www.econbiz.de/10012966589
This paper analyzes the use of the corporate form among nineteenth-century manufacturing firms in Massachusetts, from newly collected data from 1875. An analysis of incorporation rates across industries reveals that corporations were formed at higher rates among industries in which firm size was...
Persistent link: https://www.econbiz.de/10013054510
Many firms encourage employees to own company stock through share plans that subsidize the price at favorable rates … workers and little attention to company HR management in their decision on joining …
Persistent link: https://www.econbiz.de/10013139127
Universal banking is an alternative mechanism to a stock market for risk-sharing, for providing information for guiding investment, and for contesting corporate governance. In Germany, where the stock market has historically been small, banks hold equity stakes in firms and have proxy voting...
Persistent link: https://www.econbiz.de/10013124511
that they posed a threat to competition and even to society; (4) The data link the disappearance of business groups to … reforms that targeted them explicitly – the Public Utility Holding Company Act (1935) and rising intercorporate dividend … taxation (after 1935), or indirectly – enhanced investor protection (after 1934), the Investment Company Act (1940) and …
Persistent link: https://www.econbiz.de/10013071909