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in Europe and Latin America, where several governments are large shareholders in a variety of public firms. In a sense …, the subprime crisis induced these governments to behave as active large shareholders. This paper uses a sample of public … firms in Brazil to show that government activism lowers the value of minority shareholders' voting rights. While the …
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The privatisation policy pursued in the UK by Mrs Thatcher's government (1979-1990) and subsequently by Mr Major's government (1990-1997) was the largest experiment in public divestitures among capitalist economies. It had a deep impact on economic policy-making world wide, and was vastly...
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Society’s demands for individual and corporate social responsibility as an alternative response to market and distributive failures are becoming increasingly prominent. We first draw on recent developments in the “psychology and economics” of prosocial behavior to shed light on this trend,...
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of their fiduciary responsibilities to their shareholders? Can they do so on a sustainable basis, or will the forces of a …
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It is believed that privatizations substantially contributed to boost stock markets through the 1980s and 1990s. However, trough which channels did that materialize? We test whether privatizations improving households' acquaintance with the risk and return characteristics of stocks through the...
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