Holdings: The deconstruction of equity

The deconstruction of equity: activist shareholders, decoupled risk, and corporate governance

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Bibliographic Details
Main Author:	Ringe, Wolf-Georg 1976- (Author)
Format:	Book
Language:	English
Published:	Oxford, United Kingdom Oxford University Press 2016
Edition:	First edition
Subjects:	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
Online Access:	Inhaltsverzeichnis Inhaltsverzeichnis
Item Description:	Literaturverzeichnis Seite 235-263
Physical Description:	xv, 269 Seiten 24 cm
ISBN:	9780198723035 0198723032

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MARC


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Record in the Search Index

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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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author	Ringe, Wolf-Georg 1976-
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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
url	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 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
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