Thursday, 23 July 2009
A joint paper with Michael Schouten - available here. Since it’s an early draft, all comments are welcome.
Abstract: This paper examines the evolution of the duty to disclose major share ownership across countries. It is based on a variable on ownership disclosure of a shareholder protection index constructed at the Centre for Business Research of the
. This index comprises of data from 25 countries over 11 years (1995-2005). In the present paper we use descriptive statistics, tests of differences between means, and correlations between ownership disclosure and other variables in order to deepen our understanding of variations in the law on ownership disclosure over time and between countries. Universityof CambridgeOur main finding is that ownership disclosure rules have become more stringent over time. A break down of the results suggests that not legal origin, but the degree of countries’ economic development is a relevant factor in explaining the differences between countries. The differences have become smaller over time, though, as most countries had settled for a 5% threshold for ownership disclosure by the end of the sample period. Furthermore, we observe a large positive correlation between the variable for ownership disclosure and other variables that protect minority shareholders against controlling shareholders. The data also indicates that the stringency of countries’ ownership disclosure rules is positively correlated with the degree of dispersed ownership. In the paper, we offer various possible explanations for these results. We also use the results to obtain insight into how ownership disclosure rules are likely to evolve in the future.
Tuesday, 21 July 2009
Saturday, 11 July 2009
Tuesday, 7 July 2009
Do law professors need their own websites? I have come across the followings:
They look all very interesting – and usually they provide more information than bios at faculty websites, Bepress (here is my one), or Blogs. A further advantage may be that you’re independent from the webmasters of your current affiliation. So, shall I do it? Well, perhaps later....