Experiments in financial democracy : corporate governance and financial development in Brazil, 1882-1950 / Aldo Musacchio.

Musacchio Farias, Aldo [Browse]
Cambridge : Cambridge University Press, 2009.
1 online resource (xxv, 298 pages)


Studies in macroeconomic history [More in this series]
Summary note
This 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.
Title from publisher's bibliographic system (viewed on 05 Oct 2015).
  • 1. Introduction
  • 2. Financial development in Brazil in the nineteenth century
  • 3. The stock exchange and the early industrialization of Brazil, 1882-1930
  • 4. The foundations of financial democracy : disclosure laws and shareholder protections in corporate bylaws
  • 5. Voting rights, government guarantees, and ownership concentration, 1890-1950
  • 6. Directors, corporate governance, and executive compensation in Brazil, c. 1909
  • 7. Bond markets and creditor rights in Brazil, 1850-1945
  • 8. Were bankers acting as market makers?
  • 9. What went wrong after World War I?
  • 10. The rise of concentrated ownership in the twentieth century
  • 11. Conclusion.
Other title(s)
Cambridge University Press. History.
9780511635427 (ebook)
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