Ownership: Evolution and Regulation

Franks, Julian, Mayer, Colin and Rossi, Stefano (2009) Ownership: Evolution and Regulation. Review of Financial Studies, 22 (10). pp. 4009-4056.


This article is the first study of long-run evolution of investor protection and corporate ownership in the United Kingdom over the twentieth century. Formal investor protection emerged only in the second half of the century. We assess the influence of investor protection on ownership by comparing cross-sections of firms at different times in the century and the evolution of firms incorporating at different stages of the century. Investor protection had little impact on dispersion of ownership: even in the absence of investor protection, rates of dispersion of ownership were high, associated primarily with mergers. Preliminary evidence suggests that ownership dispersion in the United Kingdom relied more on informal relations of trust than on formal investor protection.

Item Type: Article
Additional Information: Please use the Related URL below for a SSRN downloaded copy of the working paper version of this paper.
Keywords: Stock ownership, mergers, finance
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Date Deposited: 25 Jan 2011 10:58
Last Modified: 19 Sep 2018 10:02
Funders: N/A
URI: http://eureka.sbs.ox.ac.uk/id/eprint/592

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