The Internationalisation of Asset Ownership in Europe
Published on 13. October 2005
Book
Hardback
364 pages
978-0-521-85295-1 (ISBN)
Description
Financial markets in Europe have become increasingly integrated in recent years, leading to a rise in foreign ownership of domestic equities and other assets. This volume brings together ten expert contributions to provide an authoritative analysis of the evolution and implications of foreign ownership in Europe today. In addition to providing new data on the extent of foreign ownership in Europe, the authors analyse some of the major challenges it brings for policy-makers at both the European and the national level. Part I looks at the legal framework for foreign ownership and for cross-border mergers and acquisitions. Part II explores important aspects of the economic impact of foreign ownership, including taxation and labour market outcomes, from a European perspective. The volume concludes with four in-depth country studies that focus on the process of internationalisation of assets in Finland, Italy, Sweden and the UK.
Reviews / Votes
'This wide-ranging volume provides a wealth of information on the economics of foreign ownership in Europe. Required reading for anyone wishing to understand how financial integration is reshaping the European economy.' Philip Lane, Professor of International Macroeconomics, Director IIIS, Trinity College Dublin 'The single market and the euro have had spectacular effects on inflation and interest rates across Europe. But how are these changes affecting investor behavior and the efficiency of resource allocation? The papers collected by Huizinga and Jonung provide the best starting point for anyone seeking to answer these difficult questions and to understand how financial market outcomes and hence European growth and welfare are being reshaped.' Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley 'The Internationalisation of Asset Ownership in Europe contains a comprehensive collection of articles that provide fascinating insights on a crucial aspect of European Financial Integration.' Marco Becht, Professor of Finance and Economics, ECARES, Universite Libre de Bruxelles; Executive Director, European Corporate Governance Institute (ECGI)More details
Language
English
Place of publication
Cambridge
United Kingdom
Target group
Professional and scholarly
Illustrations
56 Tables, unspecified
Dimensions
Height: 235 mm
Width: 157 mm
Thickness: 24 mm
Weight
678 gr
ISBN-13
978-0-521-85295-1 (9780521852951)
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Schweitzer Classification
Persons
Harry Huizinga is Professor of Economics at the University of Tilburg, Netherlands and former Economic Adviser, Directorate General for Economic and Financial Affairs, European Commission, Brussels (2002-3). He is editor (with S. Eijffinger) of Positive Political Economy: Theory and Evidence (Cambridge 1998). Lars Jonung is Professor and Research Adviser, Directorate General for Economic and Financial Affairs, European Commission, Brussels. He is former Professor in Economics at the Stockholm School of Economics, Sweden, and Chief Economic Adviser to Prime Minister Carl Bildt (1992-94). He has published numerous books both as editor and author including The Stockholm School of Economics Revisited, (Cambridge 1991), and Lessons for EMU from the History of Monetary Unions (with M. D. Bordo, IEA 2000).
Content
Preface; Introduction; Part I. The Legal Framework: 1. Legal restrictions on foreign ownership in the European Union Jean-Pierre Raes; 2. European takeover regulation Erik Berglof and Mike Burkart; Part II. Recent Developments: 3. Foreign direct investment and labour market outcomes Kenneth Scheve and Matthew J. Slaughter; 4. Foreign ownership in Europe: determinants and taxation consequences Cecile Denis, Harry Huizinga and Gaetan Nicodeme; 5. Portfolio diversification in Europe Kpate Adjaoute, Jean-Pierre Danthine and Dusan Isakov; 6. Asymmetric shocks and risk sharing in a monetary union: updated evidence and policy implications for Europe Sebnem Kalemli-Ozcan, Bent Sorensen and Oved Yosha Part III. Country Studies: 7. The Swedish model of corporate ownership and control in transition Magnus Henrekson and Ulf Jakobsson; 8. Foreign ownership in Finland - boosting firm performance and changing corporate governance Pekka Ylae-Antilla, Jyrki Ali-Yrkkoe and Martti Nyberg; 9. Attitudes to foreign direct investment in the United Kingdom Forrest Capie, Geoffrey Wood and Frank Sensenbrenner; 10. Foreign ownership and firm performance in Italy Sergio Mariotti, Fabrizio Onida and Lucia Piscitello.