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Books > Law > Laws of other jurisdictions & general law > Financial, taxation, commercial, industrial law > Company law
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The Deconstruction of Equity - Activist Shareholders, Decoupled Risk, and Corporate Governance (Hardcover)
Loot Price: R3,115
Discovery Miles 31 150
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The Deconstruction of Equity - Activist Shareholders, Decoupled Risk, and Corporate Governance (Hardcover)
Expected to ship within 12 - 17 working days
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New investment techniques and new types of shareholder activists
are shaking up the traditional ways of equity investment that
informs much of our present-day corporate law and governance. Savvy
investors such as hedge funds are using financial derivatives,
securities lending transactions, and related concepts to decouple
the financial risk from shares. This leads to a distortion of
incentives and has potentially severe consequences for the
functioning of corporate governance and of capital markets overall.
Taking stock of the different decoupling strategies that have
become known over the past several years, this book then provides
an evaluation of each from a legal and an economic perspective.
Based on several analytical frameworks, the author identifies the
elements of equity deconstruction and demonstrates the consequences
for shareholders, outside investors, and capital markets. On this
basis, the book makes the case for regulatory intervention, based
on three different pillars and comprising disclosure, voting right
suspension, and ex-post litigation. The book concludes by
developing a concrete, comprehensive proposal on how to address the
regulatory problem. Overall, this book contributes to the debate
about activist investment and the role of shareholders in corporate
governance. At the same time it raises a number of important
considerations about the role of equity investment more generally.
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