The deconstruction of equity: activist shareholders, decoupled risk, and corporate governance
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Oxford, United Kingdom
Oxford University Press
2016
|
| Ausgabe: | First edition |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Inhaltsverzeichnis |
| Beschreibung: | Literaturverzeichnis Seite 235-263 |
| Beschreibung: | xv, 269 Seiten 24 cm |
| ISBN: | 9780198723035 0198723032 |
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| 245 | 1 | 0 | |a The deconstruction of equity |b activist shareholders, decoupled risk, and corporate governance |c Wolf-Georg Ringe |
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Datensatz im Suchindex
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|---|---|
| adam_text | THE DECONSTRUCTION OF EQUITY
/ RINGE, WOLF-GEORGYYD1976-YYEAUTHOR
: 2016
TABLE OF CONTENTS / INHALTSVERZEICHNIS
INTRODUCTION
SHAREHOLDERS IN CORPORATE GOVERNANCE
RISK-DECOUPLING STRATEGIES
THE FAILURE OF TRADITIONAL CATEGORIES OF LAW
PROBLEM PERSPECTIVES
SOLUTIONS
THE FEDERAL DIMENSION
CONCLUSION
DIESES SCHRIFTSTUECK WURDE MASCHINELL ERZEUGT.
TABLE OF CONTENTS
PREFACE V
TABLE OF CASES XI
TABLE OF LEGISLATION XIII
I. INTRODUCTION 1
A. CONTEXT 3
B. STRUCTURE 5
II. SHAREHOLDERS IN CORPORATE GOVERNANCE 7
A. COSTS OF VOTING AND APATHY 8
B. BLOCKHOLDERS 11
C. ACTIVIST SHAREHOLDERS AND HEDGE FUNDS 14
D. THE FINANCIAL CRISIS AND RECENT DEVELOPMENTS 18
E. SHAREHOLDERS AND RISK-DECOUPLING 22
F. CONCLUSION 25
III. RISK-DECOUPLING STRATEGIES 27
A. NEGATIVE VERSUS POSITIVE RISK-DECOUPLING 27
B. NEGATIVE RISK-DECOUPLING: MORE INFLUENCE THAN RISK 28
1. CATEGORY 1: FINANCIAL DERIVATIVES 28
2. CATEGORY 2: SHARE LENDING 36
3. CATEGORY 3: RECORD-DATE CAPTURE 52
C. POSITIVE RISK-DECOUPLING: MORE RISK THAN INFLUENCE 58
1. CONTRACTS FOR DIFFERENCE 59
2. CFD INVESTMENTS AND THEIR ABUSE 62
3. CASE STUDIES 66
4. CONCLUSION 69
D. EMPIRICAL EVIDENCE 70
E. RELATED SITUATIONS NOT COVERED IN THIS BOOK 74
1. RELATED RISK-DECOUPLING STRATEGIES 74
2. ONE SHARE, ONE VOTE 75
3. PROXY ADVISORS 76
4. LIMITED LIABILITY 78
E SUMMARY 79
IV. THE FAILURE OF TRADITIONAL CATEGORIES OF LAW 81
A. CORPORATE AND SECURITIES LAW 81
B. HEDGE FUND REGULATION 85
VIII TABLE OF CONTENTS
V. PROBLEM PERSPECTIVES 87
A. OUTLINE AND RELEVANCE OF THE PROBLEM 87
B. PRINCIPAL-AGENT PERSPECTIVE 90
1. RISK-DECOUPLING AND AGENCY COSTS 91
2. POSSIBLE REDUCTION OF AGENCY COSTS? 98
3. OBJECTION 101
4. IMPLICATIONS 103
C. INFORMATION COSTS 103
1. INFORMATION AND TRANSACTION COST THEORY 103
2. RISK-DECOUPLING AND INFORMATION COSTS 107
3. SUMMARY AND IMPLICATIONS 110
D. CORPORATE FINANCE HI
1. DEBT VERSUS EQUITY 112
2. RISK-DECOUPLING BETWEEN DEBT AND EQUITY 114
3. SHAREHOLDERS AS RESIDUAL RISK-BEARERS 115
4. IMPLICATIONS 116
E. THE MARKET FOR CORPORATE CONTROL 118
1. HARMFUL MARKET IMPACTS OF CFD DEALINGS 118
2. WHAT IS WRONG WITH A GENERAL CFD DISCLOSURE OBLIGATION? 127
3. CFDS AND THE MARKET FOR CORPORATE CONTROL 140
VI. SOLUTIONS 143
A. DOING NOTHING 144
1. PERSISTING DECOUPLING OF VOTING RIGHTS 145
2. SELF-REGULATION 147
3. SELF-REGULATION OF THE HEDGE FUND INDUSTRY 149
4. SELF-HELP IN SECURITIES LENDING CASES 151
5. RISK-DECOUPLING IN EXISTING LEGAL FRAMEWORKS 152
6. CONCLUSION 155
B. BAN AND RESTRICTION 156
1. BAN ON DECOUPLING 156
2. DIFFICULTIES WITH THE RECORD-DATE PROBLEM 160
3. CONCLUSION 161
C TRANSPARENCY 162
1. TRANSPARENCY AS A RESPONSE TO DECOUPLING PROBLEMS 162
2. LEGISLATIVE ACTIVITY AND REACTIONS 167
3. COSTS AND CRITIQUE 173
4. KEY ISSUES OF A TRANSPARENCY REGIME 177
5. CO-ORDINATION WITH TRANSPARENCY OF SHORT SELLING 182
6. A CONCRETE PROPOSAL: AN INTEGRATED DISCLOSURE SYSTEM 192
7. SUMMARY 199
D. DISENFRANCHISEMENT 199
1. A GENERAL PROHIBITION TO VOTE? 200
2. CASE-BY-CASE REGULATORS DECISION 202
3. LIMITATIONS OF THE APPROACH 205
4. SUMMARY 206
TABLE OF CONTENTS IX
E. FIDUCIARY DUTIES 207
1. FIDUCIARY DUTIES AS AN ESTABLISHED LEGAL INSTRUMENT 207
2. INDIVIDUAL DISADVANTAGES 208
3. CONCLUSION 210
F. RESULTS, OVERVIEW, AND ASSESSMENT 211
G. POSITIVE RISK-DECOUPLING*AN ALTERNATIVE REGULATORY MODEL
TARGETING CFD ABUSE 213
1. PROPOSED REGULATORY STRUCTURE 213
2. REPLY TO CRITICISM 218
3. EFFICIENCY OF ENFORCEMENT 220
4. CONCLUSION 223
VII. THE FEDERAL DIMENSION 225
A. ADMISSIBILITY 225
B. SUBSTANTIVE DESIRABILITY 227
C PRACTICABILITY 230
D. SUMMARY 231
VIII. CONCLUSION 233
BIBLIOGRAPHY 235
INDEX 265
|
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| spelling | Ringe, Wolf-Georg 1976- Verfasser (DE-588)123448867 aut The deconstruction of equity activist shareholders, decoupled risk, and corporate governance Wolf-Georg Ringe First edition Oxford, United Kingdom Oxford University Press 2016 xv, 269 Seiten 24 cm txt rdacontent n rdamedia nc rdacarrier Literaturverzeichnis Seite 235-263 Corporate governance / Law and legislation fast Stockholders / Legal status, laws, etc fast Recht Stockholders Legal status, laws, etc Corporate governance Law and legislation Corporate governance Stockholders Internationales Wirtschaftsrecht (DE-588)4027461-5 gnd rswk-swf Unternehmensrecht (DE-588)4078611-0 gnd rswk-swf Corporate Governance (DE-588)4419850-4 gnd rswk-swf Internationales Wirtschaftsrecht (DE-588)4027461-5 s Unternehmensrecht (DE-588)4078611-0 s Corporate Governance (DE-588)4419850-4 s DE-604 LoC Fremddatenuebernahme application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029178509&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029178509&sequence=000003&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Ringe, Wolf-Georg 1976- The deconstruction of equity activist shareholders, decoupled risk, and corporate governance Corporate governance / Law and legislation fast Stockholders / Legal status, laws, etc fast Recht Stockholders Legal status, laws, etc Corporate governance Law and legislation Corporate governance Stockholders Internationales Wirtschaftsrecht (DE-588)4027461-5 gnd Unternehmensrecht (DE-588)4078611-0 gnd Corporate Governance (DE-588)4419850-4 gnd |
| subject_GND | (DE-588)4027461-5 (DE-588)4078611-0 (DE-588)4419850-4 |
| title | The deconstruction of equity activist shareholders, decoupled risk, and corporate governance |
| title_auth | The deconstruction of equity activist shareholders, decoupled risk, and corporate governance |
| title_exact_search | The deconstruction of equity activist shareholders, decoupled risk, and corporate governance |
| title_full | The deconstruction of equity activist shareholders, decoupled risk, and corporate governance Wolf-Georg Ringe |
| title_fullStr | The deconstruction of equity activist shareholders, decoupled risk, and corporate governance Wolf-Georg Ringe |
| title_full_unstemmed | The deconstruction of equity activist shareholders, decoupled risk, and corporate governance Wolf-Georg Ringe |
| title_short | The deconstruction of equity |
| title_sort | the deconstruction of equity activist shareholders decoupled risk and corporate governance |
| title_sub | activist shareholders, decoupled risk, and corporate governance |
| topic | Corporate governance / Law and legislation fast Stockholders / Legal status, laws, etc fast Recht Stockholders Legal status, laws, etc Corporate governance Law and legislation Corporate governance Stockholders Internationales Wirtschaftsrecht (DE-588)4027461-5 gnd Unternehmensrecht (DE-588)4078611-0 gnd Corporate Governance (DE-588)4419850-4 gnd |
| topic_facet | Corporate governance / Law and legislation Stockholders / Legal status, laws, etc Recht Stockholders Legal status, laws, etc Corporate governance Law and legislation Corporate governance Stockholders Internationales Wirtschaftsrecht Unternehmensrecht Corporate Governance |
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