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The Control of Corporate Europe Fabrizio Barca (Italian Finance Mininstry and University of Siena)

The Control of Corporate Europe By Fabrizio Barca (Italian Finance Mininstry and University of Siena)

The Control of Corporate Europe by Fabrizio Barca (Italian Finance Mininstry and University of Siena)


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Summary

This volume describes how listed companies are controlled in nine different European countries, and includes a chapter on the USA, allowing transatlantic comparison. Issues discussed include standardized measures of the size and distribution of voting power and aspects of corporate control.

The Control of Corporate Europe Summary

The Control of Corporate Europe by Fabrizio Barca (Italian Finance Mininstry and University of Siena)

Written by an international team of authors, this book provides the first systematic account of the control of corporate Europe based on voting block data disclosed in accordance with the European Union's Large Holdings Directive (88/627/EEC). The study provides detailed information on the voting control of companies listed on the official markets in Austria, Belgium, France, Germany, Italy, the Netherlands, Spain, Sweden, the United Kingdom, and, as a benchmark comparison, the United States. The authors record a high concentration of control of corporations in many European countries with single blockholders frequently controlling more than fifty per cent of corporate votes. In contrast, a majority of UK listed companies have no blockholder owning more than ten per cent of shares, and a majority of US listed companies have no blockholder with more than six per cent of shares. Those chapters devoted to individual countries illustrate how blockholders can use legal devices to leverage their voting power over their cash-flow rights, or how incumbents prevent outsiders from gaining voting control. It is shown that the cultural and linguistic diversity of Europe is (almost) matched by its variety of corporate control arrangements.

The Control of Corporate Europe Reviews

'The Control of Corporate Europe is the most in-depth study of the nuances and structure of concentrated ownership and voting control in Europe's large firms. An excellent result from first-rate researchers.' * Mark Roe, Berg Professor of Law, Harvard Law School *
'This rigorous analysis of corporate control in Europe is thought provoking and I have no doubts that it will become a standard reference on the subject. I recommend it to anybody wanting to understand the complex issues confronting the European Union as it strives to formulate its securities market regulation, in particular the rules on corporate takeovers.' * Theodor Baums, Professor of Corporate and Banking Law, University of Frankfurt and Chairman of the German Government's Commission on Corporate Governance *
'A significant contribution to the corporate governance literature. The ECGN and editors Fabrizio Barca and Marco Becht deserve broad praise for spearheading this extremely well-researched and detailed study of ownership and control patterns in European nations. The Control of Corporate Europe provides valuable insight into the nature and impact of ownership concentration and voting control of European companies, which is particularly important given the burgeoning interest in shareholder activism in Europe. It will be a source of enormous value to the corporate governance community for many years to come.' * Ira M. Millstein, Senior Partner, Weil, Gotshal & Manges LLP and Chairman, World Bank/OECD Private Sector Advisory Group on Corporate Governance *

About Fabrizio Barca (Italian Finance Mininstry and University of Siena)

Fabrizio Barca is General Director for Development at the Italian Treasury, President of the OECD Territorial Policies Committee, and Director of a Research Programme on Corporate and Public Administration Governance at Siena University. He has previously been at the Bank of Italy as Division Chief at the Research Department and Chief of the Department of Development Policies at the Italian Treasury. He graduated from Rome University and completed an M.Phil. degree and research activity at the Universities of Cambridge (1978-80), MIT (1989-90), and Stanford (1994). He had appointments at the Universities of Bocconi, Siena, Modena, and Rome, where he taught corporate finance and Italian economic history. His works include papers and books on the theory of the firm, evidence on SMes, corporate governance and the history of Italian capitalism. Marco Becht teaches at the Institute for European Studies, the Solvay Business School, and the Law Faculty of the Universite Libre de Bruxelles. He graduated from the London School of Economics and Political Science (LSE) and holds a Ph.D. in economics from the European University Institute (EUI) in Florence. Becht's research focuses on corporate governance and empirical corporate finance. He is a Resident Fellow at ECARES and a Research Associate of CEPR. He was previously at the Centro de Estudios Monetarios y Financieros (CEMFI) in Madrid and the European Commission's Directorate for Industry (DG III). Becht is the executive coordinator of the European Corporate Governance Network (ECGN) and the scientific advisor of the Corporate Governance Committee of the European Association of Securities Dealers (EASD).

Table of Contents

1. The Control of Corporate Europe ; 2. The Separation of Ownership and Control in Austria ; 3. Shareholding Cascades: The Separation of Ownership and Control in Belgium ; 4. Ownership and Voting Power in France ; 5. Ownership and Voting Power in Germany ; 6. Pyramidal Groups and the Separation between Ownership and Control in Italy ; 7. Ownership and Control in the Netherlands ; 8. Ownership and Control of Spanish Listed Firms ; 9. Ownership and Control in Sweden--Strong Owners, Weak Minorities, and Social Control ; 10. Strong Managers and Passive Institutional Investors in the United Kingdom ; 11. Beneficial Ownership in the United States ; THE LARGE HOLDINGS DIRECTIVE ; COMPARATIVE TABLES

Additional information

NPB9780199247424
9780199247424
0199247420
The Control of Corporate Europe by Fabrizio Barca (Italian Finance Mininstry and University of Siena)
New
Hardback
Oxford University Press
2001-11-15
354
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
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