TAILIEUCHUNG - THE STOCK MARKET, THE MARKET FOR CORPORATE CONTROL AND THE THEORY OF THE FIRM: LEGAL AND ECONOMIC PERSPECTIVES AND IMPLICATIONS FOR PUBLIC POLICY

For thousands of years, there have been widespread beliefs that moon cycles affect human behavior. Specifically, people around the world believe that abnormal human behavior peaks around the full moon, increasing the propensity for psychotic disorders, violence, and other deviant behavior. 1 These beliefs can be traced all the way to ancient Greece and Rome, throughout the Middle Ages, and to the present, where they are commonly found in much professional folklore, most notably for the police and the emergency and medical services. More generally, the moon and its cycles have long been considered an important factor. | THE STOCK MARKET THE MARKET FOR CORPORATE CONTROL AND THE THEORY OF THE FIRM LEGAL AND ECONOMIC PERSPECTIVES AND IMPLICATIONS FOR PUBLIC POLICY Centre for Business Research University of Cambridge Working Paper No. 365 by Simon Deakin Centre for Business Research University of Cambridge Judge Business School Building Cambridge CB2 1AG email and Ajit Singh Queens College University of Cambridge Email June 2008 This Working Paper forms part of the CBR Research Programme on Corporate Governance Abstract It is argued here that - contrary to current conventional wisdom - an active market for corporate control is not an essential ingredient of either company law reform or financial and economic development. The absence of such a market in coordinated market systems during their modern economic development was not an evolutionary deficit but an effective and positive institutional arrangement. The economic and social costs associated with restructuring driven by hostile takeover bids which are increasingly seen as prohibitive in the liberal market economies would most likely harm the prospects for growth in developing and transition systems. JEL Codes G34 G38 K22 Keywords takeovers market for corporate control varieties of capitalism Acknowledgements This paper was originally presented at the conference on The Economics of the Modern Firm University of Jonkoping 21-22 September 2007. We are very grateful for comments received at the conference and from a referee. We are also grateful to the ESRC World Economy and Finance Programme the Isaac Newton Trust the EU Sixth Research and Development Programme Integrated Project Reflexive Governance in the Public Interest and the Omron Fund and COE programme at Doshisha University for financial support. Further information about the Centre for Business Research can be found at the following address 1. Introduction In this paper we consider the relationship between .

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