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How Corp America Ceded Shareholders to Intermediaries

How Corp America Ceded Shareholders to Intermediaries

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Published by Cervino Institute
Donald, David C. (2007) “The Rise and Effects of the Indirect Holding System: How Corporate America Ceded Its Shareholders To Intermediaries” Working Paper Series No. 68, Institute for Law and Finance, University of Frankfurt (Sept. 2007)

Introduction: Communication between shareholders and corporations is necessary for everything from distributing dividends to casting votes at the annual meeting. Beginning in the 1970's, such communication became increasingly more complicated as more and more shares came to be held through intermediaries such as brokers, banks and central depositories. Today, with a mouse click, we can send each other data directly from any location to another at any time, so the difficulty of efficient communication between shareholders and companies is an anomaly. How did shareholders and the companies they own come to be isolated from each other? The answer is simple: a company's "shareholders" as they appear on the stockholders list are not really "shareholders", but only intermediaries.
Donald, David C. (2007) “The Rise and Effects of the Indirect Holding System: How Corporate America Ceded Its Shareholders To Intermediaries” Working Paper Series No. 68, Institute for Law and Finance, University of Frankfurt (Sept. 2007)

Introduction: Communication between shareholders and corporations is necessary for everything from distributing dividends to casting votes at the annual meeting. Beginning in the 1970's, such communication became increasingly more complicated as more and more shares came to be held through intermediaries such as brokers, banks and central depositories. Today, with a mouse click, we can send each other data directly from any location to another at any time, so the difficulty of efficient communication between shareholders and companies is an anomaly. How did shareholders and the companies they own come to be isolated from each other? The answer is simple: a company's "shareholders" as they appear on the stockholders list are not really "shareholders", but only intermediaries.

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Published by: Cervino Institute on Feb 27, 2010
Copyright:Attribution Non-commercial

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08/04/2014

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David C. Donald
The Rise and Effects of the Indirect Holding System:How Corporate America Ceded Its Shareholders To Intermediaries
Institute for Law and Finance
WORKING PAPER SERIES NO. 6809/ 2007
 

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