The paper is available at Bepress

Slides:

Advertisements

Similar presentations

Finance & Banking Organizational and HR Development Association (Effebi Association) Via dellOca 27 – Rome - Italy.

Advertisements

Intesa Sanpaolo was created on January 1, 2007, through the merger of two Italian banking groups, Banca Intesa and Sanpaolo IMI. The Intesa Sanpaolo brand.

Visite ai call center CosMed – Cos - Palermo.

Improving the relationship between directors and shareholders

1 Network analysis of the Italian Stock Market G. Rotundo Department of economics and management, University of Tuscia, Viterbo, Italy Galway, July 12nd,

© AHK Israel the trade volume accounted for 100 Mio. $ ,2 bil. $ were reached, an annual growth rate of 9% over 52 years. But 2012 was.

INDUSTRIALSOLAR MINING WATER OIL & GAS METAL & PAPER ENERGY.

Monopoly Practices and Competitive Behaviour in the French Satellite Pay-TV Market Michele Cincera and Abdul G. Noury CEPR Discussion Paper #4174.

EBS text the word “info” to to get more information european business seminar European Business Seminar Summer 2012.

3-1 Mutual versus Stock Insurance Companies. 3-2 Biggest Life Insurers.

PRIVATIZATION Chapter 10 Lecture 2. How Does Government Influence Private Enterprise? Government can own productive factors such as airlines, rail service,

CHAPTER ELEVEN MARKET INDEXES © 2001 South-Western College Publishing.

Broadband Communications via Satellite Presented by Eric Zucker.

Copyright ©2005 Ibbotson Associates, Inc. Global Investing Securities offered through Lincoln Financial Advisors Corp., a broker/dealer, 1300 S. Clinton.

1 Exchange Traded Products The differences between ETFs & ETNs & ETCs.

CHAIRMEN AND NON- EXECUTIVE DIRECTORS’ REMUNERATION THE HIGH PAY CENTRE 29 th April 2013.

Dublin Cross Border Market – Conducting Business in Italy from Ireland Ann Dalton Director, Life Strategies Limited Ann Dalton Director, Life Strategies.

MEDIA Salles is an initiative of the MEDIA Programme of the European Union with the support of the Italian Government

1 Representing Spatiality in the Transnational Corporate Network William K. Carroll Sociology Department University of Victoria February,

BANKS. PLAN History of BANKS Bank is a financial institution International Banking The BANKS of Tajikistan.

FNCE 4070 Financial Markets and Institutions Lecture 8 Financial Markets: A Global Overview.

MARKET INDEXES CHAPTER THIRTEEN Practical Investment Management Robert A. Strong.

Chapter 4 Financial Intermediaries and the Banking System Chapter 4.

Multinationals. What we’ll cover today 1.Their characteristics 2.Controversial firms: the heroes or the villains of the globalized economy 3.The OECD.

CHAPTER ELEVEN MARKET INDEXES Practical Investment Management Robert A. Strong.

The Future of Corporate Takeovers in Europe ECGI Session at the Federation of European Securities Exchanges' 6th European Financial Markets Convention.

Doing Business in MEUFTA Gerardo Prado September 2013.

1 Panel 2 “Acte Clair” in ECJ Decisions on direct tax discrimination The example of host state discrimination against foreign owned permanent establishments.

Jeopardy Famous People Culture So Random Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy EconomyLanguage.

 ECONOMIC REASONS: ◦ New forms of technology allow gigantic flows of capital and other technologies  Transnational corporations (TNCs) – Powerful companies.

Copyright 2008 The McGraw-Hill Companies 12-1 Money Defined Money Supply Federal Reserve System Financial Institutions Last Word Key Terms End Show 12.

Manchester Metropolitan University Department of Clothing Design and Technology Where Teaching is Research Lead.

COUNTRIES AND NATIONALITIES (COUNTRY – NATIONALITY)

Economy of Germany Omuzgor.ru. Germany is the largest national economy in Europe, the fourth- largest by nominal GDP in the world, and fifth by GDP (PPP).

EUROPEAN RISK CONFERENCE: "RISK AND GOVERNANCE" Milano, Bocconi University 11 September 2008 Risk Factors in the Italian Corporate Governance Paolo Santella.

Financial Derivatives and Intrinsic Separation of Ownership and Control C.Drago 1 Financial Derivatives and Intrinsic Separation of Ownership and Control.

Corporations in the World Economy Kryštof Kozák, IMS FSV UK,

A Comparative Analysis of the Legal Obstacles to Institutional Investor Activism in Europe and in the US P. Santella, E. Baffi, C. Drago, D. Lattuca Shareholder.

“Who cares about director independence?” P. Santella, C. Drago, G. Paone EALE 2007: “Corporate Law and Economics and Corporate Governance”. Copenhagen.

The Italian Chamber of Lords Sits on Listed Company Boards. An Empirical Analysis of Italian Listed Company Boards from 1998 to 2006 P. Santella, C. Drago,

Presented By: Ashna Nad PGDM Study of BANK BNP PARIBAS with special reference to its history, growth, International banking and its operation in.

The Italian Chamber of Lords Sits on Listed Company Boards. An Empirical Analysis of Italian Listed Company Boards from 1998 to 2006 P. Santella, C. Drago,

The Italian Chamber of Lords Sits on Listed Company Boards. An Empirical Analysis of Italian Listed Company Boards from 1998 to 2006 P. Santella, C. Drago,

C.Drago 1 Inducing Corporate Compliance: A Law and Economics Analysis of Corporate Liability Regimes by Sharon Oded Discussion: Carlo Drago EALE 2009:

OUR EUROPEAN PRIVATISATION EXPERIENCE

Part B: Market-based finance

Understanding International/Global Communication: An Historical View

The paper is available at Bepress

Session 27: Valuing financial service companies

First International NPR Workshop

The NGO Committees of Financing for Development and Social Development discussion: The pros and cons of partnerships and private sector’s growing role.

Chapter 3 Comparative International Financial Accounting I

Top paying companies in the UK

Chapter 31 Money and Banking McGraw-Hill/Irwin

This paper is available free of charge

How to Prepare for the TOEIC

What Opportunities Can the Bulgarian Market Offer to the Investors

Ludmila Morozova-Buss Berlin, Germany

Country selection process

Country selection process

European Investment Bank

Professional experience

Among the G8 countries, Canada has a lower Gender Inequality Index value than the United States, Russia, and the United Kingdom but higher than Germany,

The Italian Highway System: A Public/Private Partnership

THE RELEVANCE OF REAL ESTATE MARKET TRENDS FOR INVESTMENT PROPERTY FUNDS ASSET ALLOCATION: EVIDENCE FROM FRANCE,GERMANY ITALY AND UK Gianluca Mattarocci.

History and Reality in International Business

Cisco Fiscal Year 06 Global Account List

Reasons to take German at Martin High School…

Banking Business challenge

Presentation transcript:

The paper is available at Bepress I-Com Seminar in Corporate Governance and Finance 2009 Rome, 20 February 2008 A Comparison Among the Director Networks in the Main Listed Companies in France, Germany, Italy, and the United Kingdom P. Santella, C. Drago, A. Polo, E. Gagliardi The paper is available at Bepress http://works.bepress.com/carlo_drago/63/ http://works.bepress.com/paolo_santella/55/ 1

Data Italy: S&P MIB40 (575 directors)‏ France: CAC40 (595 directors)‏ United Kingdom: first 40 capitalized companies in the FTSE100 (515 directors)‏ Germany: DAX 40 (796 directors) United States: first 40 capitalized companies in the NYSE US 100 Index (489 directors)‏

Methodology (1) Exploratory data analysis (comparing directorships either at national level and at international level). (2) Social Network Analysis (structural aspects of the identified networks). See for example Wassermann Faust (1994) and De Nooy et al. (2005)‏ The focus in the analysis is in comparing the structure of the single national networks.

Results Components, Isolates and Density Number of directorships by network Directorships by directors (rankings) compared by country Network centrality (Freeman Degree)‏ Network centrality (Betweenness)‏ Visual structure of the four networks compared (France, Italy, UK, Germany and the US).‏

Components, Isolates and Density

Comparing Directorships by country (1)

Comparing Directorships by country (2)

Number of directorships by country

Centrality (Freeman Degree) US Francia CAC 40 General Electric 7 (7) Bnp Paribas 21 (16) UTC 5 (5) Accor 17 (15) IBM 4 (4) Total 16 (11) Anheuser-Busch 4 (3) Saint-Gobain 15 AIG Axa 14 JPMorgan Lafarge Wells 13 Medtronic Lagardere Veolia 12 Sanofi Aventis 11 Oreal Italia S&P MIB 40 Gran Bretagna FTSE Pirelli & C. Spa 22 (14) Centrica Mediobanca Spa 17 (12) Rolls-Royce Atlantia Spa 16 (10) Cadbury Schweppes Assicurazioni Generali Spa Bt Group 3 Italcementi Spa Fabbriche Riunite Cemento Bhp Telecom Italia Spa Royal Dutch Shell Mediaset Spa Xstrata Alleanza Assicurazioni Spa Vodafone Autogrill Spa Reuters Intesa Sanpaolo Spa 9 Bae Systems Luxottica Group Spa Bp Arnoldo Mondatori Editore Spa Germany E. On 19 Bayer 18 Allianz 17 Deutsche Bank Lufthansa ThyssenKrupp Linde Daimler Munich RE BMW 10 Deutsche Telekom

Centrality (Normalized Betweenness) US Francia Cac 40 General Electric 20.524 Bnp Paribas 16.47 AIG 18.444 Accor 10.99 UTC 17.072 Air Liquide 10.97 Wells 17.038 Lagardere 10.184 Walt Disney 12.877 Eads 10.048 JPMorgan 12.427 Sanofi Aventis 8.405 P&G 11.842 Oreal 5.915 Eli Lilly 11.550 Axa 5.501 IBM 11.269 Telecom 5.369 Anheuser-Busch 10.493 Total 5.337 Italia S&P Mib 40 Gb Ftse Pirelli & C. Spa 13.893 Rolls-Royce 18.668 Assicurazioni Generali Spa 12.296 Royal Dutch Shell 16.262 Mediobanca Spa 8.846 Bt Group 15.61 Atlantia Spa 8.09 Vodafone 13.495 Luxottica Group Spa 7.002 Centrica 12.506 Fondiaria - Sai Spa 5.084 Cadbury Schweppes 9.829 Italcementi Spa Fabbriche Riunite Cemento 4.388 Bhp 8.907 Banca Monte Dei Paschi Di Siena Spa 4.125 Reuters 7.962 Unicredito Italiano Spa British Sky Broadcasting 6.208 Autogrill Spa 4.072 Tinto Germany Allianz 15.635 Basf 15.074 Lufthansa 10.222 Bayer 8.867 E. On 8.647 Linde 8.219 Deutsche Bank 7.132 Commerzbank 6.523 ThyssenKrupp 6.090 Fresenius 5.360

France

Germany

Italy

United Kingdom

United States

Conclusion (1) We identify two distinct economic models in the interlocking directorship networks (i) an Italian-French-German model in which Blue Chips seem to act under mutual scrutiny: a high number of companies linked to each other through a small number of shared directors who serve on several company boards at the time (ii) the UK model much fewer companies are connected to each other essentially through directors who have no more than two board positions at the time.

Conclusion (2) A case in between is represented by the US, where a high number of companies are connected to each other just like Germany, France, and Italy. However, just like the UK, such connections are made through directors who tend to have just two board positions at the time, a sign that, differently from Italy, Germany, and France, the UK and US networks might not be functional to systemic collusion.