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Corporate Ownership in France: The Importance of History

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Author Info
Antoin E. Murphy
Abstract

This paper attempts to show the importance of history in influencing the structure of corporate ownership in France. The strong concentration of family ownership in France is traced to historical weaknesses in the money and capital markets that forced families to have recourse to self-financing. The weaknesses in the money and capital markets were greatly influenced by two eighteenth century financial traumas arising from John Law's Mississippi System (1716-20) and the financing of the French Revolution through the issue of the assignats in the 1790s.These financial traumas delayed significantly the emergence of banks and the capital market. Further historical factors influencing French corporate ownership were the changes in the inheritance law system at the start of the nineteenth century and, more recently, the emphasis on a pay-as-you-go pension system.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 10716.

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Date of creation: Aug 2004
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Handle: RePEc:nbr:nberwo:10716

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B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Ronald C. Anderson & David M. Reeb, 2003. "Founding-Family Ownership and Firm Performance: Evidence from the S&P 500," Journal of Finance, American Finance Association, vol. 58(3), pages 1301-1327, 06. [Downloadable!] (restricted)
  2. David Sraer ; David Thesmar, 2004. "Performance and Behavior of Family Firms : Evidence from the French Stock Market," Working Papers 2004-24, Centre de Recherche en Economie et Statistique. [Downloadable!]
  3. White, Eugene Nelson, 1989. "Was There a Solution to the Ancien R?gime's Financial Dilemma?," The Journal of Economic History, Cambridge University Press, vol. 49(03), pages 545-568, September. [Downloadable!]
  4. Paul M. Healy & Krishna G. Palepu, 2003. "The Fall of Enron," Journal of Economic Perspectives, American Economic Association, vol. 17(2), pages 3-26, Spring. [Downloadable!] (restricted)
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  1. Eduardo Siandra, 2005. "Uruguay Capital Market: Law-in-the-books or Law-in-action?," Documentos de Trabajo (working papers) 0205, Department of Economics - dECON. [Downloadable!]
  2. Prabirjit Sarkar, 2008. "Do the English Legal Origin Countries have more dispersed Share Ownership and more developed financial Systems?," ESRC Centre for Business Research - Working Papers wp375, ESRC Centre for Business Research. [Downloadable!]
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