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Preventing Abuse by Controlling Shareholders

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  • Damme, E.E.C. van

    (Tilburg University, Tilburg Law and Economics Center)

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    Abstract

    Abstract: This paper is a comment on Ronald Gilson and Alan Schwarz “Constraints on Private Benefits of Control: Ex Ante Control Mechanisms versus Ex Post Transaction Review”. Together with that paper it will appear in the Journal of Institutional and Theoretical Economics 169 (1) in 2013, in a special issue devoted to Behavioral Theory of Institutions. I argue that the arguments of Gilson and Schwarz are convincing, but that the underlying assumptions may be stronger than the authors suggest. In particular, the G&S paper adopts a US shareholder perspective on corporate governance and is based on standard rationality assumptions. In this comment, I discuss whether and to what extent the recommendations are relevant in the EU context and whether the paper’s conclusions are robust when insights from behavioral economics are included.

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    Bibliographic Info

    Paper provided by Tilburg University, Tilburg Law and Economic Center in its series Discussion Paper with number 2012-038.

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    Date of creation: 2012
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    Handle: RePEc:dgr:kubtil:2012038

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    Web page: http://www.tilburguniversity.nl/tilec/

    Related research

    Keywords: Corporate Governance; Behavioral Economics;

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    1. Iris Bohnet & Fiona Greig & Benedikt Herrmann & Richard Zeckhauser, 2007. "Betrayal Aversion: Evidence from Brazil, China, Oman, Switzerland, Turkey, and the United States," Discussion Papers 2007-08, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
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