Origins of Shareholder Advocacy PDF
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Origins of Shareholder Advocacy This page intentionally left blank Origins of Shareholder Advocacy Editedby Jonathan GS Koppell ORIGINSOFSHAREHOLDERADVOCACY Copyright©JonathanGSKoppell,2011. Softcover reprint of the hardcover 1st edition 2011 978-0-230-10732-8 Allrightsreserved. Firstpublishedin2011byPALGRAVEMACMILLAN®inthe UnitedStates-adivisionofSt.Martin’sPressLLC,175FifthAvenue, NewYork,NY10010. WherethisbookisdistributedintheUK,Europeandtherestofthe World,thisisbyPalgraveMacmillan,adivisionofMacmillanPublishers Limited,registeredinEngland,companynumber785998,of Houndmills,Basingstoke,HampshireRG216XS. PalgraveMacmillanistheglobalacademicimprintoftheabove companiesandhascompaniesandrepresentativesthroughttheworld. Palgrave®andMacmillan®areregisteredtrademarksintheUnited States,theUnitedKingdom,Europeandothercountries. ISBN 978-1-349-29072-7 ISBN 978-0-230-11666-5 (eBook) DOI10.1057/9780230116665 LibraryofCongressCataloging-in-PublicationData Originsofshareholderadvocacy/editedby JonathanGSKoppell. p. cm. 1. Stockholders. 2. Corporations—Investorrelations. I. Koppell,JonathanGS HD2744.O752011 306.3—dc22 2010027367 DesignbyIntegraSoftwareServices Firstedition:January2011 10 9 8 7 6 5 4 3 2 1 ForUncleIke This page intentionally left blank Contents ListofFigures ix Acknowledgments xi ListofContributors xiii 1 ShareholderAdvocacyandtheDevelopment oftheCorporation:TheTimelessDilemmasofan Age-oldSolution 1 JonathanGSKoppell Part I TheDutchEastIndiaCompany andtheShareholderasAggrievedParty 2 AnAdmiraltyforAsia:BusinessOrganization andtheEvolutionofCorporateGovernanceinthe DutchRepublic,1590–1640 29 OscarGelderblom,AbedeJong,andJoostJonker 3 ShareholderActivistsAvantlaLettre:The “ComplainingParticipants”intheDutchEastIndia Company,1622–1625 61 JohanMatthijsdeJongh 4 TheGreatExpropriation:InterpretingtheInnovation of“PermanentCapital”attheDutchEastIndia Company 89 AndrewvonNordenflycht Part II OvercomingtheAgencyChallengeofEarly GlobalTrade 5 LitigationPlusRegulation:TheProtectionofInvestor RightsinLate-MedievalVenice 101 YadiraGonzálezdeLara viii Contents 6 ShareholderActivismintheVirginiaCompanyof London,1606–1624 123 ThomasHall 7 Shareholders’RightsintheEarlyItalianCompanies: AgencyProblemsandLegalStrategies 145 CorradoMalberti 8 CompagniedesIndes:GovernanceandBailout 169 RezaDibadj 9 TheRiseandFalloftheRishengchangBankModel: LimitingShareholderInfluencetoAttractCapital 187 RandallMorckandFanYang Part III ShareholderRightsandtheGrowthof IndustrialEconomies 10 AShareholderLawsuitinFourteenth-Century Toulouse 215 WilliamN.GoetzmannandSebastienPouget 11 CorporateGovernanceandStockholder/Stakeholder ActivismintheUnitedStates,1790–1860:NewData andPerspectives 231 RobertE.WrightandRichardSylla 12 Originsof“Offensive”ShareholderActivism intheUnitedStates 253 JohnH.ArmourandBrianR.Cheffins 13 ContemporaryIssuesinShareholderAdvocacy 277 StephenDavis Index 287 List of Figures 5.1 Documentedsealoansandcommendacontractsand theirdistributionovertime 106 6.1 SealoftheLondonCompanyofVirginia 124 6.2 CorrespondenceofmodernandStuart-eraEnglish termsandconcepts 126 6.3 SettlercategoriestoJamestown,basedondatafrom JohnSmith 129 6.4 ReorganizationoftheVirginiaCompany,1609 130 6.5 TobaccoexportsfromVirginia(000poundsperyear) 131 9.1 AbankdraftontheFengYuQingbankpayableto WangXiaotang 190 9.2 AbankdraftontheSunrisePrudentbankpayableto ShaoZixiang 191 9.3 Noteofloan—Blankform 192 9.4 Recordofarecurringaccounttransfer 193 9.5 Recordofadeposit 194 10.1 Transcriptofthedebtcontractof1356incurredin thenameoftheBazaclecompany 223 11.1 Numberandauthorizedcapitalizationofbusiness charters,1791–1861 232 11.2 Percapitacharteringactivitybygeographicalsection 233 11.3 NumberandDistributionofDirectorsbyBusiness Sector,1790–1860 242 12.1 “Offensive”activismincidents,1900–1949 256 12.2 Interconnectionandoffensiveshareholderactivism, 1900–1949 267 12.3 Bidsforcontrolusingopenmarketpurchasesof shares/offensiveshareholderactivism,1900–1949 270 12.4 Bidsforcontrolusingopenmarketpurchasesof shares/mergeractivity,1900–1949 271 12.5 Targetsofbidsforcontrolusingopenmarket purchasesofshares,railroads,andothercompanies, 1900–1949 271
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