Saturday, 21 March 2015

Disappearing Paradigms in Shareholder Protection: Leximetric Evidence for 30 Countries, 1990-2013 (with Dionysia Katelouzou)

Another new paper available here (PS: it's related to the paper posted a week ago; however, the new paper is based on a more comprehensive evaluation of the new data on shareholder protection – see, eg, the figure).  
Abstract: Scholars frequently claim that path dependency of the law, the influence of the US model of corporate governance, and the role of legal origin and the stage of legal development are key for a comparative understanding of shareholder protection. This article, however, suggests that these paradigms of comparative company law gradually seem to disappear. The basis for our assessment is an original leximetric dataset that measures the development of shareholder protection for 30 countries over the last 24 years. Using tools of descriptive statistics, time series and cluster analysis, our main findings are that all legal origins have now in average about the same level of shareholder protection, that paternalistic tools have overtaken enabling tools of protection, and that after the global financial crisis this area has become a less frequent object of law reforms.

Sunday, 15 March 2015

The Leximetrics of Shareholder Protection

Just made available on SSRN (here). Abstract:
The leximetric research on shareholder protection can contribute to core questions of comparative company law. For example, such research may be able to show whether or not there is a trend to increase shareholder power across countries. It can also provide us with tools to confirm or challenge whether there are deep differences between civil and common law countries in company law.
The main parts of this paper are based on leximetric datasets collected in a project on Law, Finance and Development at the University of Cambridge. It discusses the research of this project as well as related research not affiliated with this group. In addition, it will present new data that bring up-to-date some of the findings of the original project. 
This paper will be part of an edited book on Shareholder Power (ed by J Hill & R Thomas) – see the project's ECGI website here

Thursday, 5 March 2015

How do (and should) professors look like?

A few days ago I saw someone in the British Library and first I thought that he may have been a Scottish professor in economics who I know a bit - but then, overhearing him talking to someone else, I realised that he was a history professor from the US. Indeed, it seems that many professors look fairly similar, actually often like the professor in the PhD comics cartoons: male, beard, glasses, 'smart-academic' dress, not particularly athletic and not young any more.
  However, now we also have the Greek finance minister who is (or was) also a professor but is said to look more like an action hero. I’m also reading a book by the LSE prof Paul Dolan and found a review where he’s called bodybuilding professor.
  So, now, the (kitchen sink) data ... the picture above is from Google pictures, controlling for gender and country. Then, I checked the first six rows with 9 profile pictures each (ie 54 pics) and found the following:
  • 48% of them have glasses and 22% of them have beards.
  • 55% of them wear suit and tie, 35% business casual and 10% informal (of course they may dress differently in real university life).
  • None really seems to be particularly athletic; a few a bit overweight; the majority normal/thin.
  • PS: 96% are of European (or Caucasian) ethnicity; only 4% not (but there is certainly more proper research on this topic as well).
So, what does it tell us how we should look like? Presumably not a lot. Well, at least, I’d think that appearance shouldn’t really matter, but of course, paraphrasing Oscar Wilde, completely denying the relevance of appearance may also be somehow shallow.