This paper uses long-run real price and dividends series to investigate for the German stock market the questions asked of the U.S. market by Shiller (1989). It tries to determine in what periods and to what degree the German stock market has also possessed excess volatility' in the past...

This article reports a unique analysis of private engagements by an activist fund. It is based on data made available to us by Hermes, the fund manager owned by the British Telecom Pension Scheme, on engagements with management in companies targeted by its U.K. Focus Fund (HUKFF). In contrast...

We study how deregulation of corporate law affects the decision of entrepreneurs of where to incorporate. Recent rulings by the European Court of Justice (ECJ) have enabled entrepreneurs to select their country of incorporation independently of their real seat. We analyze foreign incorporations...

This paper analyses the control of Belgian listed companies. The analysis reveals that control of listed companies in Belgium is highly concentrated. Business groups, holding companies, and voting pacts, play an important role in bringing about this concentration. The main characteristics of the...

This paper summarises the main results of a research project, quot;Who Controls Corporate Europe?quot;, undertaken by teams of researchers from the various countries investigated, and coordinated by the European Corporate Governance Network in 1996-98. The project relied on a common shareholder...

This paper summarises the main results of a research project, quot;Who Controls Corporate Europe?quot;, undertaken by teams of researchers from the various countries investigated, and coordinated by the European Corporate Governance Network in 1996-98. The project relied on a common shareholder...

Globalisation and privatisation have created a demand for liquid stock markets in continental Europe. As a result, European companies, blockholders and governments are faced with a corporate governance dilemma. Liquidity requires dispersed share ownership. When control is relinquished in order...

Corporate governance is one of the most topical and controversial areas of business and finance. This article provides an overview of the questions that it raises and proposed policy responses. It points to the diversity in systems of corporate governance around the world, the apparently...

Corporate governance is concerned with the resolution of collective action problems among dispersed investors and the reconciliation of conflicts of interest between various corporate claimholders. In this survey we review the theoretical and empirical research on the main mechanisms of...