Inhalt
Aufsatz: Seite 1–34
Heribert Anzinger / Sebastian Karach / Steffen Meinshausen / Dirk Schiereck
Aktive Minderheiten und die Rechte des Kleinaktionärs / Active Minorities and the Rights of Small Shareholders
Die Entwicklung des Aktionärsaktivismus am Beispiel Erich Nold / The Development of Shareholder Activism, taking Erich Nold as an Example
The present paper elucidates the impact that the Darmstadt-based coal merchant Erich Nold exerted on the development of shareholders democracy in Germany, torn between the priorities of protection of minority shareholders and predatory shareholder activism. Based on the examination of three general meetings, Nold's approach and his criticism of mehr...
the predominant culture in stock corporations in the late 1950s and early 1960s will be explained. It becomes evident that Erich Nold's commitment has exercised an impact on reforms of stock corporations going into this century.
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Aufsatz: Seite 35–57
John D. Turner
British Banking Stability and Bank Capital in the Long Run
This paper surveys two centuries of British banking stability and bank capital. Data on failure rates suggests that there have only been two severe systemic banking crises over this period – 1825/26 and 2007/08. It is argued in this paper that these two crises are correlated with inadequately capitalised banking institutions, which in the case of the mehr...
first crisis meant that banks could not absorb shocks, and in the case of the second meant that risk shifting was not constrained. Banking stability in the interim period was initially due to banks having adequate capital, in the form of extended shareholder liability, to constrain risk shifting. In the post-1940 era, when bank capital was at very low levels, stability was associated with substitutes for bank capital such as government constraints on bank behaviour.
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Miszelle: Seite 58–75
Michael Heise
Weltwirtschaftskrisen im historischen Rückblick / A Historical Review on Global Economic Crises
Die 1930er-Jahre und die globale Rezession 2008/09 / The 1930s and the Global Recession in 2008/09
It will still take many years before a thorough historical analysis and classification of the so-called Great Recession of 2008 and 2009 will be accomplished. In the meantime, however, it seems to be clear that the latest economic crisis ran a different course than the Great Depression of approximately eighty years ago, which had such devastating mehr...
economic and political consequences. Given the speed and intensity of the economic slump at the onset of 2009, many observers in both politics and economics as well as academia drew parallels to the global economic crisis of the 1930s. In the present paper, the similarities and differences in the causes as well as the course of the global economic crisis eighty years ago compared to the present crisis will be presented. Finally, the question is to be examined whether the proper lessons were inferred from historical experience for crisis management in the recent past.
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Rezensionen: Seite 76–104
>Rezensionen (pdf)
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