Strong Managers and Passive Institutional Investors in the UK

@article{Goergen1998StrongMA,
  title={Strong Managers and Passive Institutional Investors in the UK},
  author={Marc Goergen and Luc Renneboog},
  journal={Corporate Finance and Organizations eJournal},
  year={1998}
}
  • M. GoergenL. Renneboog
  • Published 6 October 1998
  • Business, Economics
  • Corporate Finance and Organizations eJournal
The first striking feature is that ownership of the average UK company is diffuse: a coalition of at least eight shareholders is required to reach an absolute majority of voting rights. Even though the average firm has a dispersed ownership, the reader should bear in mind that there are about ten per cent of firms where the founder or his heirs are holding more than 30 per cent. The ownership structure is also shaped by regulation; the mandatory takeover threshold of 30%, for example, has an… 

The Ownership Structure of Norwegian Firms: Characteristics of an Outlier

This paper first describes the institutional framework for corporate governance in Norway, concluding that its civil law tradition of Roman origin provides a relatively strong protection of

Do UK Institutional Shareholders Monitor their Investee Firms?

As institutional investors are the largest shareholders in most listed UK firms, one expects them to monitor the firms they invest in. However, there is mounting empirical evidence which suggests

Why Does the Concentration of Control Differ in German and UK Companies? Evidence from Initial Public Offerings

The paper investigates why corporate control of listed companies is so different in Germany and the UK. For this purpose we use a unique database which allows us to trace the evolution of control in

Patterns of Corporate Ownership: Insights from a Unique Data Set

Using a data base which is exceptionally rich and accurate by international standards, this paper quantifies a wide range of ownership structure characteristics for all Oslo Stock Exchange firms in

Institutional Ownership and the Returns on Investment

By examining a large number of Swedish listed firms, we analyse how institutional and foreign owners affect investment performance. To measure investment performance Mueller and Reardon’s (1993)

United We Stand: Corporate Monitoring by Shareholder Coalitions in the UK

This paper investigates whether voting coalitions are formed by shareholders in order to discipline incumbent management. Shapley values capturing the relative power of shareholder coalitions by

The Ultimate Ownership of Western European Corporations

We analyze the ultimate ownership and control of 5,232 corporations in 13 Western European countries. Typically firms are widely held (36.93%) or family controlled (44.29%). Widely held firms are

Corporate control concentration measurement and firm performance

Traditionally share price returns and their variance have been explained by factors linked to the operations of the company such as systematic risk, corporate size and P/E ratios or by factors

Costs , Ownership Structure and Corporate Governance Mechanisms in the UK

Recent empirical evidence indicates that debt capital and ownership structure can play a significant monitoring role within a firm [see for example, Ang et. al [J. Finance 55 (1999) 81] and Sign and
...

References

SHOWING 1-10 OF 20 REFERENCES

Institutional Shareholders and Corporate Governance

This book examines the role of institutional shareholders in corporate governance, which is the system by which companies are directed and controlled. This is a subject of great concern to "public

Shareholding concentration and pyramidal ownership structures in Belgium

It is argued that ownership patterns reflect a trade-off of the risk to investors of concentrated investments in large firms and the control potential of the firm and the resolution of this trade off has taken such different forms in different countries.

Corporate Governance and Financial Performance: A Study of German and Uk Initial Public Offerings

This book presents a new original study of the German and UK financial markets. It addresses the relationship between corporate governance, ownership and financial performance in German and UK firms

The Modern Corporation and Private Property.

This monumental work on the corporation is one of those enduring classics that many cite but few have read. Graced with a new introduction by Weidenbaum and Jensen, this new edition makes this

Company Law: Fundamental Principles

Contents Preface Acknowledgements Table of Cases Table of Statutes and Statutory Materials Table of European and International Legislation 1. The Legal Characteristics of a Registered Company 2. The

Hostility in Takeovers: In the Eyes of the Beholder?

This paper examines whether hostile takeovers can be distinguished from friendly takeovers, empirically, based on accounting and stock performance data. Much has been made of this distinction in both

Legal Determinants of External Finance

Using a sample of 49 countries, we show that countries with poorer investor protections, measured by both the character of legal rules and the quality of law enforcement, have smaller and narrower