Sin palabras

Kandel , Eugene , Massa, Massimo and Simonov, Andrei, Do Small Shareholders Count? (June 14, 2010). Available at SSRN: http://ssrn.com/abstract=1624823

We hypothesize that age similarity among small shareholders acts as an implicit coordinating device for their actions, and thus may represent an indirect source of corporate governance in firms with dispersed ownership. We test this hypothesis on a sample of Swedish firms during the 1995-2000 period. Consistent with our hypothesis, we find that compared to shareholders of differing ages, same-age non-controlling shareholders sell more aggressively following negative firm news; firms with more age-similar small shareholders are more profitable and command higher valuation; and an increase (decline) in a firm’s small shareholder age-similarity brings a significantly large increase (decline) in its stock price. The latter effects are more pronounced in the absence of a controlling shareholder.

Ángel Pascual Martínez Soto and Susana Martínez Rodríguez RURAL CREDIT COOPERATIVES IN SPAIN (1890‐1935):A GOOD START WAS NOT ENOUGH, (january 2010) http://www.aehe.net/2010/01/dt-aehe-1001.pdf

The foundation and legal recognition of rural savings banks was a slow and arduous process, aside from having to have statutes and regulations approved by the corresponding Civil Government and also having to be approved by the Ministries of Public Works and the Treasury. The final registration at the latter could take between two and five years, which imposed a substantial obstacle from above, because without this requisite they could not enjoy the tax levy, provided for in the 1906 Act, and were also not eligible for soft loans from the Bank of Spain. This situation resulted in the disappearance of many institutions.

“Perdónanos nuestras deudas así como nosotros perdonamos a nuestros deudores”

“Debt is often treated as a moral issue as well as an economic one. Margaret Atwood, in her book of essays, Payback: Debt and the Shadow Side of Wealth”, notes that the Aramaic words for debt and sin are the same. And some versions of the Lord’s Prayer say Forgive us our debts rather than Forgive us our trespasses; The Economist, June 2010