December 2006
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This award, the largest ever granted to the School by the
ESRC, was made under the ESRC's first round of their
highly competitive Large Grants Scheme. The research
programme will group together seven projects focused on three
themes of corporate governance and will be conducted under
the umbrella of London Business School's Centre for Corporate
Governance.
The projects seek to understand the comparative success of
particular capital markets, such as those of the US and UK,
and their competitors from the viewpoint of corporate governance. From
a number of perspectives, the projects will address several
broad questions concerning the nature and magnitude of current
corporate governance problems including:
- Trust versus regulation: what explains the success of
Anglo American capital markets?
- Families versus institutional shareholders: What explains
the paucity of family firms listed on the main UK stock exchange?
- Government regulation versus markets: Can markets be relied
upon to correct weaknesses in governance?
Professor Franks said, "This generous grant will allow
the important work which we at the Centre for Corporate Governance
are undertaking to continue. In addressing the myriad of corporate
governance issues we hope we can have real impact on shareholders,
creditors, management, employees and government."
The research approach will build on existing theories and
methodology but will have a predominantly empirical focus. It
will also have a strong international and comparative component. An
important innovation is in the application of financial economics
tools to governance issues while drawing on other disciplines
such as law and business history.
The Centre for Corporate Governance at London Business School
aims to lead international thinking in this field and move
governance practices beyond regulatory compliance towards the
creation of value for companies, policy makers, investors and
other stakeholders. The Centre is also supported by Oracle,
Freshfields Bruckhaus Deringer and Prudential. For further
information on the Centre and its research activities please
visit the website http://www.london.edu/centreforcorporategovernance.html
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