Working Paper
The Corporate Governance of Defined Benefit Pension Plans: Evidence from the United Kingdom
This paper studies the governance of defined-benefit pension plans in the United Kingdom. We construct a governance measure, equal to the proportion of...
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Should Shareholders Have a Say on Acquisitions?
Shareholders of U.S. corporations have lost billions of dollars in acquisitions they never approved. In the United Kingdom the listing...
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Private Equity vs PLC Boards in the U.K.: A Comparison of Practices and Effectiveness
We interview 20 executives in the UK who have been members of both PE and PLC boards of relatively large companies. The main difference we find in PE and PLC...
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Limits of Private Sector Solutions for Banks: Recent UK Rights Issues
This article reviews regulatory concerns prompted by the difficulties that were encountered by four British banks in making rights issues and other pro...
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The Market for Stewardship and the Role of the Government
In this contribution, we focus on the market for stewardship, as this has been developing in the UK. We observe that the 2020 UK Stewardship Code more...
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Lock-in agreements in venture capital-backed UK IPOs
This paper examines the impact of venture-capital (VC) backing on the characteristics of voluntary lock-in agreements entered into by the existing...
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Governing the Purpose of Investment Management: How the ‘Stewardship’ Norm is being (Re)Developed in the UK and EU
From the introduction of shareholder engagement as a ‘norm’ for stewardship, the regulatory governance of investment management conduct has been...
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The Undermining of UK Corporate Governance (?)
Over the past dozen years numerous overseas based businesses with dominant shareholders have become quoted on the London Stock Exchange, prominent...
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