The global trend towards tighten regulation of financial institutions and the adoption of International Financial Reporting Standards (IFRS) may hasten the unwinding of cross-shareholdings in Japan, and there are signs that this is already happening. Finding buyers for such shares is therefore a...

The sixth annual World Pensions Forum was held on 23-24 February 2017 at the Queen's House in the Royal Borough of Greenwich.Over 120 representatives attended: from pension and sovereign funds, central banks and government agencies including financial regulators. Topics discussed included...

Common ownership (also called horizontal shareholding) refers to a stock investor’s owner-ship of minority stakes in multiple competing firms. Recent empirical studies have purported to show that institutional investors’ common ownership reduces competition among commonly owned competitors....

This study explores the liquidity influence of ownership concentration in the Vietnamese stock market where equity holdings are highly concentrated and under weak protection for minority shareholders. We find that stocks of firms with higher concentrated ownership are less traded in terms of...

I examine the impact of stricter ownership disclosure rules on ownership structure and stock liquidity. The analysis relies on privately reported holdings and a stock market with a disclosure regime in only one segment. Consistent with prior research, I show that mutual funds decrease their...

This paper describes the ownership structure in listed companies around the world. By using data for 10 000 largest listed companies, that together make up 90% of the global market capitalisation, we provide a description and comparison of the ownership structure of listed companies in 54...

The entire architecture of contemporary corporate governance is reminiscent of a house of cards. This particular metaphor invokes two ideas that are important for understanding the current state of the debate surrounding corporate governance. Firstly, it captures the fragile facade of corporate...

I show that private equity transactions (i) illustrate market-driven reactions to inefficient equity markets that result from the diffusion of equity ownership in the public firm and (ii) form part of a larger market trend to-wards the market oriented blockholder model – a hybrid ownership...

This paper analyses the effects of competition between banks with different ownership structures on financial stability, social welfare, risk-taking incentives and performance. Specifically, we present a model of strategic competition in the retail banking sector where a profit-maximizing bank,...

The controlling shareholder of a firm may suffer from its control of the firm due to unfavorable market reactions associated with concerns on his private benefit extraction. Thus, the controlling shareholder has an incentive to build a good governance mechanism as a commitment device to...