Marco Becht

Universite Libre de Bruxelles, CP 114
Av. F. D. Roosevelt 50
1050 Brussels, BELGIUM
Tel: +32-2-6504466

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: Universite Libre de Bruxelles

NBER Working Papers and Publications

March 2010Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund
with Julian Franks, Colin Mayer, Stefano Rossi
in Corporate Governance, Michael Weisbach, editor
November 2005Why Has There Been So Little Block Holding in America?
with J. Bradford DeLong
in A History of Corporate Governance around the World: Family Business Groups to Professional Managers, Randall K. Morck, editor
December 2002Corporate Governance and Control
with Patrick Bolton, Alisa Röell: w9371
Corporate governance is concerned with the resolution of collective action problems among dispersed investors and the reconciliation of conflicts of interest between various corporate claimholders. In this survey we review the theoretical and empirical research on the main mechanisms of corporate control, discuss the main legal and regulatory institutions in different countries, and examine the comparative corporate governance literature. A fundamental dilemma of corporate governance emerges from this overview: regulation of large shareholder intervention may provide better protection to small shareholders; but such regulations may increase managerial discretion and scope for abuse.

Published: Becht, Marco & Bolton, Patrick & Roell, Ailsa, 2003. "Corporate governance and control," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 1, pages 1-109 Elsevier.

April 1992"Excess Volatility" and the German Stock Market, 1876-1990
with J. Bradford De Long: w4054
This paper uses long-run real price and dividends series to investigate for the German stock market the questions asked of the U.S. market by Shiller (1989). It tries to determine in what periods and to what degree the German stock market has also possessed excess volatility' in the past century. It finds no evidence of excess volatility in the pre-World War I German stock market. By contrast, there is some evidence of excess volatility in the post-World War II German stock market. The role played by the German Grosbanken in the pre-World War I stock market might be the cause of low comparative volatility of German stock indices before 1914.

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