Bank Control of Large Corporations in the United States

Bank Control of Large Corporations in the United States PDF

Author: David M. Kotz

Publisher: Univ of California Press

Published: 2023-04-28

Total Pages: 231

ISBN-13: 0520341317

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"Truly a distinguished piece of work, based on new data that had not been analyzed before. There is an excellent combination of historical perspective, conscientious examination of a great mass of data, and penetrating analysis." --Robert Aaron Gordon, Charter Member of the Brookings Panel on Economic Activity "Contends that since the Second World War, a small number of 'giant, well-established' banks in a few major cities have re-emerged as the major group that controls large corporations. Places the financial control thesis in historical perspective from the Civil War to the present and then examines the control of the two hundred largest U.S. corporations in 1967-69 in terms of owner control, financial control, and no identified center of control. Also comments on the means of exercising control. ... the author finds that a substantial portion of the largest nonfinancial corporations in 1967-69 were under the control of financial institutions; the control is exercised through the ownership of stock and the role of the bankers as creditors of the corporations."--Journal of Economic Literature "Recent empirical evidence, made available through congressional hearings, reveals that large banking groups are exercising substantial influence over nonfinancial corporations. This is accomplished through stockholdings, creditor relationships, and directorship ties. In this excellent historical statistical analysis, Katz assesses the extent and impact of such control in a competitive economy." --Library Journal

Bovernance and Bank Valuation

Bovernance and Bank Valuation PDF

Author: Gerard Caprio

Publisher: World Bank Publications

Published: 2003

Total Pages: 49

ISBN-13:

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"Which public policies and ownership structures enhance the governance of banks? This paper constructs a new database on the ownership of banks internationally and then assesses the ramifications of ownership, shareholder protection laws, and supervisory/regulatory policies on bank valuations. Except in a few countries with very strong shareholder protection laws, banks are not widely held, but rather families or the State tend to control banks. We find that (i) larger cash flow rights by the controlling owner boosts valuations, (ii) stronger shareholder protection laws increase valuations, and (iii) greater cash flow rights mitigate the adverse effects of weak shareholder protection laws on bank valuations. These results are consistent with the views that expropriation of minority shareholders is important internationally, that laws can restrain this expropriation, and concentrated cash flow rights represent an important mechanism for governing banks. Finally, the evidence does not support the view that empowering official supervisory and regulatory agencies will increase the market valuation of banks"--NBER website

A History of Corporate Governance around the World

A History of Corporate Governance around the World PDF

Author: Randall K. Morck

Publisher: University of Chicago Press

Published: 2007-11-01

Total Pages: 700

ISBN-13: 0226536831

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For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.

Concentrated Corporate Ownership

Concentrated Corporate Ownership PDF

Author: Randall K. Morck

Publisher: University of Chicago Press

Published: 2007-12-01

Total Pages: 404

ISBN-13: 0226536823

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Standard economic models assume that many small investors own firms. This is so in most large U.S. firms, but wealthy individuals or families generally hold controlling blocks in smaller U.S. firms and in all firms in most other countries. Given this, the lack of theoretical and empirical work on tightly held firms is surprising. What corporate governance problems arise in tightly held firms? How do these differ from corporate governance problems in widely held firms? How do control blocks arise and how are they maintained? How does concentrated ownership affect economic growth? How should we regulate tightly held firms? Drawing together leading scholars from law, economics, and finance, this volume examines the economic and legal issues of concentrated ownership and their impact on a shifting global economy.

A Beneficial Ownership Implementation Toolkit

A Beneficial Ownership Implementation Toolkit PDF

Author: Organization for Economic Cooperation and Development

Publisher: Inter-American Development Bank

Published: 2019-05-21

Total Pages: 51

ISBN-13:

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In 2016, the G20 called on the FATF and the Global Forum to propose ways to improve the implementation of the international standards on transparency, including on the availability of beneficial ownership information, and its international exchange. The Global Forum developed a framework of proposed actions to answer that call, including a plan to facilitate effective implementation through examples of good implementation and technical assistance. This toolkit is in furtherance of the Global Forum’s commitment to support countries’ effective implementation. It is intended to help jurisdictions to develop an understanding of the beneficial ownership concepts contained in the international standards of transparency and exchange of information, and for use in conjunction with technical assistance seminars. It will support policy and implementation discussions in conjunction with capacity building workshops and technical assistance activities carried out by the Global Forum Secretariat as well as other supporting international organizations.

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