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Shareholder Democracy in Canada

Author

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  • Randall Morck

Abstract

The federal government stands poised to exercise its constitutional right to regulate financial markets, an area traditionally left to competing provincial securities commissions. The current state of securities regulation renders impotent US-style takeover defences, such as poison pills and staggered boards, but allows voting caps and pyramiding in their stead. Various federal securities regulation models are weighted in light of the current state of their needed complementary institutions. One option, for which Canada is relatively well prepared, is the British model of activist independent institutional investors and mandatory takeover bids.

Suggested Citation

  • Randall Morck, 2010. "Shareholder Democracy in Canada," NBER Working Papers 16558, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:16558
    Note: CF
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    File URL: http://www.nber.org/papers/w16558.pdf
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    References listed on IDEAS

    as
    1. B. Espen Eckbo, 1986. "Mergers and the Market for Corporate Control: The Canadian Evidence," Canadian Journal of Economics, Canadian Economics Association, vol. 19(2), pages 236-260, May.
    2. Rocco Huang & Lev Ratnovski, 2009. "Why Are Canadian Banks More Resilient?," IMF Working Papers 09/152, International Monetary Fund.
    3. Martin Holmen & John D. Knopf & Stefan Peterson, 2007. "Trading-off Corporate Control and Personal Diversification through Capital Structure and Merger Activity," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(9-10), pages 1470-1495.
    Full references (including those not matched with items on IDEAS)

    More about this item

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G3 - Financial Economics - - Corporate Finance and Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
    • P5 - Economic Systems - - Comparative Economic Systems

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