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| Author: | Mayer, C. |
| Title: | Trust in financial markets |
| Journal: | European Financial Management
2008 : SEP, VOL. 14:4, p. 617-632 |
| Index terms: | financial markets trust control investor protection company ownership family firms banks Germany United Kingdom Japan |
| Freeterms: | ownership structure |
| Language: | eng |
| Abstract: | This paper explores historical and contemporaneous evidence on the structure of ownership (here as: o-ship) and control of corporate sectors in developed countries to draw lessons for financial markets' development. It presents the critical role of equity markets playing in the o-ship and financing of companies at the beginning of the 20th century. It is noted that this occurred in the absence of formal systems of regulation and that equity markets acted on the basis of informal relationships of trust. These were sustained through local stock markets in the U.K., banks in Germany, and business coordinators and family firms in Japan. |
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