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The Stock Market, the Market for Corporate Control and the Theory of the Firm: Legal and Economic Perspectives and Implications for Public Policy

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Author Info
Simon deakin
Ajit Singh

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Abstract

It is argued here that - contrary to current conventional wisdom - an active market for corporate control is not an essential ingredient of either company law reform or financial and economic development. The absence of such a market in coordinated market systems during their modern economic development was not an evolutionary deficit, but an effective and positive institutional arrangement. The economic and social costs associated with restructuring driven by hostile takeover bids, which are increasingly seen as prohibitive in the liberal market economies, would most likely harm the prospects for growth in developing and transition systems.

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Publisher Info
Paper provided by ESRC Centre for Business Research in its series ESRC Centre for Business Research - Working Papers with number wp365.

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Date of creation: Jun 2008
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Handle: RePEc:cbr:cbrwps:wp365

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Web page: http://www.cbr.cam.ac.uk/

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Related research
Keywords: takeovers; market for corporate control; varieties of capitalism;

Other versions of this item:

Find related papers by JEL classification:
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
K22 - Law and Economics - - Regulation and Business Law - - - Corporation and Securities Law

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Black, Bernard S. & Gilson, Ronald J., 1998. "Venture capital and the structure of capital markets: banks versus stock markets," Journal of Financial Economics, Elsevier, vol. 47(3), pages 243-277, March. [Downloadable!] (restricted)
  2. Ajit Singh, 2008. "Stock Markets in Low and Middle Income Countries," ESRC Centre for Business Research - Working Papers wp377, ESRC Centre for Business Research. [Downloadable!]
  3. Dale W. Jorgenson, 2001. "Information Technology and the U.S. Economy," American Economic Review, American Economic Association, vol. 91(1), pages 1-32, March. [Downloadable!] (restricted)
  4. Mathias Siems, 2007. "Shareholder Protection around the World ("Leximetric II")," ESRC Centre for Business Research - Working Papers wp359, ESRC Centre for Business Research. [Downloadable!]
  5. Ajit Singh & Jack Glen & Ann Zammit & Rafael De-Hoyos & Alaka Singh & Bruce Weisse, 2005. "Shareholder Value Maximisation, Stock Market and New Technology: Should the US Corporate Model be the Universal Standard? 1," International Review of Applied Economics, Taylor and Francis Journals, vol. 19(4), pages 419-437, October. [Downloadable!] (restricted)
    Other versions:
  6. Singh, A., 1997. "Liberalisation, the Stock Market and the Market for Corporate Control: A Bridge Too Far for the Indian Economy?," Accounting and Finance Discussion Papers 97-af35, Faculty of Economics, University of Cambridge.
  7. John Parkinson, 2003. "Models of the Company and the Employment Relationship," British Journal of Industrial Relations, Blackwell Publishers Ltd/London School of Economics, vol. 41(3), pages 481-509, 09. [Downloadable!] (restricted)
  8. Antoine Rebérioux, 2007. "Does shareholder primacy lead to a decline in managerial accountability?," Cambridge Journal of Economics, Oxford University Press, vol. 31(4), pages 507-524, July. [Downloadable!] (restricted)
  9. Ajit Singh & Bruce Weisse & Alaka Singh, 2002. "Corporate governance, competition, the new international financial architecture and large corporations in emerging markets," ESRC Centre for Business Research - Working Papers wp250, ESRC Centre for Business Research. [Downloadable!]
  10. Ajit Singh, 1999. "Should Africa promote stock market capitalism?," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(3), pages 343-365.
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