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Professorial Fellowship. International studies: Ownership, Control and Bankruptcy

Subject

Finance

Authors / Editors

Biographies

Publication Year

2003

Abstract

The first study examines the evolution of ownership in four countries over 100 years, including the UK, Germany, US and Japan.It investigates how differences in development are related to differences in regulation and investor protection . It is argued that the dispersion of ownership is associated with well-developed and regulated capital markets .Ownership, control and performance differ considerably across these countries, with the UK and US characterised by dispersed ownership structures, and Germany and Japan - by highly concentrated ownership. The empirical evidence linking regulation to well developed capital markets has been the subject of continuing debate in economic and financial circles for a number of years. This type of in-depth study on ownership is the first of its kind in the world. The first part of the study will use a sample of 80 companies, in each of the four countries, incorporated at different times to trace their ownership structure over the century.The second part will examine economic influences, for example, law, taxation, and regulation and their impact on the growth of the capital markets. It will yield a unique data set that will be of great interest to both researchers and policy makers. The subject of corporate governance is currently at or near the top of the policy agenda of many countries and will have the potential to influence regulation and how capital markets evolve in the UK and EU. Bad or unnecessary regulation increases the cost of capital of the UK and impairs our competitiveness. Better governance will lead to earlier restructuring of poor ly performing companies. A second study examines the impact of bankruptcy codes on the outcome of financial distress. Using data from 10 banks from Germany, France and the UK, I intend to examine the influence of bankruptcy codes on lenders' and borrowers' behaviour in distress. The purpose is to determine what type of code is more efficient in reorganising small to medium size companies

Award Type

Professorial Fellowship

Publication Contact

Richard Frost

Publication Email

rfrost@london.edu

Publication Contact

Richard Frost

Project Funder

ESRC

Project Length

36

Publication Research Centre

Institute of Finance and Accounting

Researchers

Franks J R

Available on ECCH

No

Start Date

10/01/2003


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