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"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.
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Subjects
Corporate governance, HistoryPlaces
FranceEdition | Availability |
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Corporate ownership in France: the importance of history
2004, National Bureau of Economic Research
Electronic resource
in English
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Book Details
Edition 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.
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The Physical Object
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