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Shareholder Democracy in Canada

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  • Randall Morck

Abstract

The federal government stands poised to exercise its constitutional right to regulate financial markets, an area traditionally left to competing provincial securities commissions. The current state of securities regulation renders impotent US-style takeover defences, such as poison pills and staggered boards, but allows voting caps and pyramiding in their stead. Various federal securities regulation models are weighted in light of the current state of their needed complementary institutions. One option, for which Canada is relatively well prepared, is the British model of activist independent institutional investors and mandatory takeover bids.

Suggested Citation

  • Randall Morck, 2010. "Shareholder Democracy in Canada," NBER Working Papers 16558, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:16558
    Note: CF
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    File URL: http://www.nber.org/papers/w16558.pdf
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    References listed on IDEAS

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    Cited by:

    1. Michael R. Veall, 2012. "Top income shares in Canada: recent trends and policy implications," Canadian Journal of Economics, Canadian Economics Association, vol. 45(4), pages 1247-1272, November.
    2. Stephen Gordon, 2020. "The incidence of income taxes on high earners in Canada," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 53(2), pages 437-459, May.

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    More about this item

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G3 - Financial Economics - - Corporate Finance and Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
    • P5 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems

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