The Internationalisation of Asset Ownership in Europe

A thorough investigation of financial market integration in Europe.

Harry Huizinga (Edited by), Lars Jonung (Edited by)

9780521852951, Cambridge University Press

Hardback, published 13 October 2005

364 pages, 56 tables
22.9 x 15.2 x 2.1 cm, 0.66 kg

'The Internationalisation of Asset Ownership in Europe contains a comprehensive collection of articles that provide fascinating insights on a crucial aspect of European Financial Integration.' Marco Becht, Professor of Finance and Economics, ECARES, Université Libre de Bruxelles; Executive Director, European Corporate Governance Institute (ECGI)

Financial markets in Europe have become increasingly integrated in recent years, leading to a rise in foreign ownership of domestic equities and other assets. This volume brings together ten expert contributions to provide an authoritative analysis of the evolution and implications of foreign ownership in Europe today. In addition to providing new data on the extent of foreign ownership in Europe, the authors analyse some of the major challenges it brings for policy-makers at both the European and the national level. Part I looks at the legal framework for foreign ownership and for cross-border mergers and acquisitions. Part II explores important aspects of the economic impact of foreign ownership, including taxation and labour market outcomes, from a European perspective. The volume concludes with four in-depth country studies that focus on the process of internationalisation of assets in Finland, Italy, Sweden and the UK.

Preface
Introduction
Part I. The Legal Framework: 1. Legal restrictions on foreign ownership in the European Union Jean-Pierre Raes
2. European takeover regulation Erik Berglof and Mike Burkart
Part II. Recent Developments: 3. Foreign direct investment and labour market outcomes Kenneth Scheve and Matthew J. Slaughter
4. Foreign ownership in Europe: determinants and taxation consequences Cécile Denis, Harry Huizinga and Gaëtan Nicodème
5. Portfolio diversification in Europe Kpate Adjaouté, Jean-Pierre Danthine and Dusan Isakov
6. Asymmetric shocks and risk sharing in a monetary union: updated evidence and policy implications for Europe Sebnem Kalemli-Ozcan, Bent Sorensen and Oved Yosha Part III. Country Studies: 7. The Swedish model of corporate ownership and control in transition Magnus Henrekson and Ulf Jakobsson
8. Foreign ownership in Finland - boosting firm performance and changing corporate governance Pekka Ylä-Antilla, Jyrki Ali-Yrkkö and Martti Nyberg
9. Attitudes to foreign direct investment in the United Kingdom Forrest Capie, Geoffrey Wood and Frank Sensenbrenner
10. Foreign ownership and firm performance in Italy Sergio Mariotti, Fabrizio Onida and Lucia Piscitello.

Subject Areas: International economics [KCL], Macroeconomics [KCB], Regional studies [GTB]