Corporate Governance, Financial Markets and Global Convergence

  • Morten Balling
  • Elizabeth Hennessy
  • Richard O’Brien

Part of the Financial and Monetary Policy Studies book series (FMPS, volume 33)

Table of contents

About this book

Introduction

for many years been heavily dependent on bank financing, and this situation has not changed fundamentally. In his paper on stock exchange governance in the European Union Guido Ferrarini discusses the relative merits of member and investor ownership and compares stock exchange regulation in a number of EU countries. Faced with increasing competition amongst themselves and against other enterprises that offer transaction services, such as proprietary trading systems, it is essential for European stock exchanges to improve their efficiency and to generate volume. Large investments in new information technology are necessary in order to preserve competitiveness in agIobaI financial market. The implementation of the ISD has accelerated cross-border transaction activity of member firms and investors and strengthened the pressure for convergence of national stock exchange laws in the EU. In their paper, Francesco Giavazzi and Marco Battaglini look at the role played by banks in privatization processes. Banks can be involved in such processes in several ways. They may themselves be the objects of privatization since in many countries a significant fraction of the banking industry is publicly owned. This is the case in France, Spain and Italy. But banks can also be important buyers of the equity of industrial firms sold by the government if they are allowed to do so. The authors characterize privatizations as a very good opportunity to set up the right environment for the development of new financial intermediaries and in general for asound corporate governance system.

Keywords

Banking Corporate Governance Finance Funds Governance

Editors and affiliations

  • Morten Balling
    • 1
  • Elizabeth Hennessy
    • 2
  • Richard O’Brien
    • 3
  1. 1.Aarhus School of BusinessAarhusDenmark
  2. 2.Central BankingLondonUK
  3. 3.Global Business NetworkLondonUK

Bibliographic information

  • DOI https://doi.org/10.1007/978-1-4757-2633-6
  • Copyright Information Springer Science+Business Media Dordrecht 1998
  • Publisher Name Springer, Boston, MA
  • eBook Packages Springer Book Archive
  • Print ISBN 978-1-4419-4784-0
  • Online ISBN 978-1-4757-2633-6
  • Series Print ISSN 0921-8580
  • Series Online ISSN 2197-1889
  • About this book