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  • Corporate Governance
22 Nov 2019
4 min to read

Singapore's Puzzling Embrace of Shareholder Stewardship: A Successful Secret

Dan W Puchniak | Samantha S Tang

The UK’s adoption of a stewardship code sparked a global shareholder stewardship movement. Singapore, as a corporate governance leader in Asia, naturally followed suit by introducing its stewardship...
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OBLB categories

  • Corporate Finance
  • Corporate Governance
03 Oct 2019
4 min to read

The Law and Finance of Related Party Transactions

Luca Enriques, Faculty of Law | Tobias H. Tröger

The quality of corporate governance, ie the effectiveness of institutions that contain agency costs, is a key component of asset allocation. In countries characterized by concentrated ownership,...
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OBLB categories

  • Corporate Governance
19 Sep 2019
6 min to read

Related Party Transactions: UK Model

Paul Davies QC (hon), Harris Manchester College

The UK has a reputation for possessing robust rules on related party transactions. This perception stems from the view that the common law fiduciary duties of directors in relation to self-dealing...

OBLB categories

  • Corporate Finance
  • Corporate Governance
17 Sep 2019
1 min to read

Optimally Restrained Tunneling: The Puzzle of Controlling Shareholders’ ‘Generous’ Exploitation in Bad-Law Jurisdictions

Sang Yop Kang

In a chapter of the book ‘The Law and Finance of Related Party Transactions’ (L Enriques and T Tröger eds, CUP 2019), I explain why some controlling shareholders in bad-law jurisdictions ‘generously...
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OBLB categories

  • Corporate Finance
  • Corporate Governance
03 Sep 2019
1 min to read

Powering Preemptive Rights with Presubscription Disclosure

Jesse Fried

Most corporations around the world have a controller: control is concentrated in the hands of either a single shareholder or a small group of shareholders acting in concert. Almost every unlisted (...

OBLB categories

  • Corporate Governance
  • Financial Regulation
09 Jul 2019
3 min to read

The Case Against the Implementation of Loyalty Shares in Spain

Aurelio Gurrea Martínez

The Spanish Ministry of Economy has recently released a new bill that, among other aspects, proposes an amendment of the Spanish Companies Act to allow listed companies to adopt loyalty shares. These...

OBLB categories

  • Corporate Governance
27 Jul 2018

New Premium Listing Option in London for Sovereign Controlled Companies

Shearman & Sterling

On 1 July 2018 the FCA (the Financial Conduct Authority, the UK’s financial services regulator) introduced a new category of premium listing exclusively available to equity issuers that qualify as ‘...

OBLB categories

  • Commercial Law
  • Competition/ Antitrust
  • Corporate Governance
29 May 2018

Can laws mandating dispersed shareholding counter entrenched inequality in India?

Jeet Shroff

Addressing entrenched inequality is a pressing matter in India. It appears to acquire special urgency every five years, when a general election beckons. If 2013 saw the enactment of a mandatory...

OBLB categories

  • Commercial Law
  • Corporate Governance
24 Nov 2017

The Fat Controller - Slimming Down the Excesses of Controlling Shareholders in UK Listed Companies

Bobby Reddy

It has become fashionable to extoll the benefits of an incumbent controlling shareholder in companies. Indeed, many of the failures of the stewardship movement, that encourages shareholders in UK...

OBLB categories

  • Corporate Governance
29 Nov 2016

The Voice: The Minority Shareholder’s Perspective

Dov Solomon

Minority shareholders tend not to participate in the decision-making process of public companies with a controlling shareholder, and their voice is rarely heard. Even when they disagree with how the...

OBLB categories

  • Commercial Law
  • Corporate Governance
18 Sep 2016

Estimating the Value of Absolute Power: Evidence from Judiciary Decision Event on Controlling Shareholders in Large Business Group

Changmin Lee | Hansoo Choi

In a recent paper titled ‘Estimating the Value of Absolute Power: Evidence from Judiciary Decision Event on Controlling Shareholders in Large Business Group’, we analyse the effects of judicial...

OBLB categories

  • Corporate Governance
25 Jul 2016

Does the Professional Manager Blow the Whistle on Founding Families? New Evidence on the Dark Side of Family-Controlled Firms

Changmin Lee | Hansoo Choi

In our recent paper, “Does the Professional Manager Blow the Whistle on Founding Families? New Evidence on the Dark Side of Family-Controlled Firm”, we examine the observed patterns and outcomes of...

OBLB categories

  • Corporate Governance
22 May 2016

New Agency Problems, New Legal Rules: Rethinking Takeover Regulation in the US and Europe

Aurelio Gurrea Martínez

The main agency problem traditionally existing in the US corporation has been the risk of opportunism of managers vis-à-vis shareholders. In Continental Europe, however, the primary concern in...

OBLB categories

  • Corporate Finance
  • Corporate Governance
04 May 2016

Strong Shareholders, Weak Outside Investors

Maribel Sáez | María Gutiérrez

Our paper “Strong Shareholders, Weak Outside Investors” (available here), analyses the differential regulatory environment that controlling shareholders face in Europe, compared to the US...

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