Rights and Responsibilities Colin Mayer Shareholder Protection in - PowerPoint PPT Presentation

Corporate Governance: Rights and Responsibilities Colin Mayer

Shareholder Protection in Ten Countries 1990 - 2012 Source: Law, Finance and Development Project, University of Cambridge

Shareholder Protection Germany, Japan and UK 1900-1990 Japan UK Germany Year law/rules 1900 1990 1900 1990 1900 1990 changed Anti-director rights 1 4 1950,1974 1 5 1 1 Liabilities standard 0 0.667 1948 0 0.667 0 0 Disclosure 0 0.917 1948 0 0.833 0 0.417 Public enforcement 0 0.658 1948 0 0.750 <0.25 0.25 Creditor rights 3 1 1952 NA 4 NA 3 Source: Franks, Mayer and Miyajima (2014)

No. Listed Companies in Germany, UK and US and Globally per Million Population, 1990 -2012 Source: Franks, Mayer and Wagner (2016)

New Listings and Delistings in UK, 1999-2012 300 250 200 Annual New Listings 150 Annual Delistings 100 50 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: Franks, Mayer and Wagner (2016)

Ownership of UK Listed Companies, 1963-2010 Source: Franks, Mayer and Wagner (2016)

Ownership Listed Companies, France, Germany, Italy and UK, 1996 and 2006 1996 2006 Source: Franks, Mayer, Volpin and Wagner (2012)

Proportion of German Firms with Blockholder > 25% of Shares, 1990, 2009 and 2014 1990 2009 2014 Source: Franks, Mayer and Wagner (2016)

Privately Controlled Publicly Listed Company – (PCPLC Mark 1) Holderness (2009)

The Publicly Controlled Publicly Listed Company- (PCPLC Mark 2) Nachemson-Ekwall (2016)

PCPLC (Mark 2) Robert Eccles, Ioannis Ioannou and George Serafim (2011)