Corporate ownership in France
Subtitle: the importance of history
By: Antoin E. Murphy.
Contributors: National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 10716; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 10716.
Publisher: National Bureau of Economic Research
Published: 2004
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Subjects: Corporate governance -- France -- History.
Description: "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"--National Bureau of Economic Research web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 1/6/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.