{"product_id":"experiments-in-financial-democracy-corporate-governance-and-financial-development-in-brazil-1882-1950-paperback-9781107514782","title":"Experiments in Financial Democracy; Corporate Governance and Financial Development in Brazil, 1882–1950 (Paperback \/ softback) 9781107514782","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eExperiments in Financial Democracy\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003eCorporate Governance and Financial Development in Brazil, 1882–1950\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cem\u003eA detailed historical description of the evolution of corporate governance and stock markets in Brazil in the late nineteenth and twentieth centuries.\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eAldo Musacchio (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781107514782, Cambridge University Press\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003ePaperback \/ softback, published 26 March 2015\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e326 pages, 17 b\/w illus.  45 tables\u003cbr\u003e23 x 15.3 x 1.8 cm, 0.48 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cem\u003e\u003cfont size=\"3\"\u003e'If you thought that the dismal state of corporate governance in Latin America is a direct product of its colonial or civil law heritage, Experiments in Financial Democracy will make you think again. Based on painstaking archival work, Aldo Musacchio demonstrates that in the late nineteenth century, investors in Brazilian corporations were better protected than they were in the late twentieth century. The law secured the claims of bondholders while many firms protected minority shareholders in their corporate charters. The work convincingly demonstrates that even poor countries can create and implement institutions favorable to capital markets. This optimistic historical finding is fully relevant to our troubled financial times.' Jean-Laurent Rosenthal, California Institute of Technology\u003c\/font\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eThis book provides a detailed historical description of the evolution of corporate governance and stock markets in Brazil in the late nineteenth and twentieth centuries. The analysis details the practices of corporate governance, in particular the rights that shareholders have to restrict the actions of managers, and how that shaped different approaches to corporate finance over time. In the case of Brazil, even if the protections for investors included in national laws were relatively weak before 1940, corporate charters contained a series of provisions that protected minority shareholders against the abuses of large shareholders, managers, or other corporate insiders. The investigation uses the Brazilian case to challenge some of the key findings of a recent literature that argues that legal systems (e.g., common vs. civil law) shape the extent of development of stock and bond markets in different nations.\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e1. Introduction\u003cbr\u003e 2. Financial development in Brazil in the nineteenth century\u003cbr\u003e 3. The stock exchange and the early industrialization of Brazil, 1882–1930\u003cbr\u003e 4. The foundations of financial democracy: disclosure laws and shareholder protections in corporate bylaws\u003cbr\u003e 5. Voting rights, government guarantees, and ownership concentration, 1890–1950\u003cbr\u003e 6. Directors, corporate governance, and executive compensation in Brazil, c.1909\u003cbr\u003e 7. Bond markets and creditor rights in Brazil, 1850–1945\u003cbr\u003e 8. Were bankers acting as market makers?\u003cbr\u003e 9. What went wrong after World War I?\u003cbr\u003e 10. The rise of concentrated ownership in the twentieth century\u003cbr\u003e 11. Conclusion.\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Finance [\u003ca title=\"See our other books on Finance\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Finance%20%5BKFF%5D%22\"\u003eKFF\u003c\/a\u003e], Finance \u0026amp; accounting [\u003ca title=\"See our other books on Finance \u0026amp; accounting\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Finance%20\u0026amp;%20accounting%20%5BKF%5D%22\"\u003eKF\u003c\/a\u003e], Economic history [\u003ca title=\"See our other books on Economic history\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Economic%20history%20%5BKCZ%5D%22\"\u003eKCZ\u003c\/a\u003e], Economics [\u003ca title=\"See our other books on Economics\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Economics%20%5BKC%5D%22\"\u003eKC\u003c\/a\u003e], Economics, finance, business \u0026amp; management [\u003ca title=\"See our other books on Economics, finance, business \u0026amp; management\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Economics,%20finance,%20business%20\u0026amp;%20management%20%5BK%5D%22\"\u003eK\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Cambridge University Press","offers":[{"title":"Default Title","offer_id":46006073721112,"sku":"9781107514782","price":30.89,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/products\/9781107514782i_ea2f07b8-e679-4dad-ad10-74bd9a3fe846.jpg?v=1696755096","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/experiments-in-financial-democracy-corporate-governance-and-financial-development-in-brazil-1882-1950-paperback-9781107514782","provider":"Freshly Printed Books","version":"1.0","type":"link"}