Twentieth century Japan provides a remarkable laboratory for examining how an externally imposed institutional and regulatory intervention affects the ownership of corporations. In the first half of the century, Japan had weak legal protection but strong institutional arrangements. The...

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 UK Focus Fund. In contrast with most...

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...

The effectiveness of market discipline - the strong built-in incentives that encourage banks and financial systems to operate soundly and efficiently - commands much attention today, particularly in light of recent accounting scandals. As government discipline, in the form of regulation, seems...

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...

An authoritative study of the investment management business, focusing on the use of capital requirements for investment managers as a means of investor protection. This report was commissioned by the Investment Management Regulatory Organization.

In a study of the ownership of German corporations, we find a strong relation between board turnover and corporate performance, little association of concentrations of ownership with managerial disciplining and only limited evidence that pyramid structures can be used for control purposes. The...

This paper examines the disciplining function of hostile takeovers in the U.K. in 1985 and 1986. We report evidence of high board turnover and significant levels of post-takeover restructuring. Large gains are anticipated in hostile bids as reflected in high bid premiums. However, there is...