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Contingent CapitalShort-term Investors and the Evolution of Corporate Governance in France and Germany$
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Michel Goyer

Print publication date: 2011

Print ISBN-13: 9780199578085

Published to Oxford Scholarship Online: January 2012

DOI: 10.1093/acprof:oso/9780199578085.001.0001

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Short-term Capital Mobility in France and Germany: Differentiated Empirical Data

Short-term Capital Mobility in France and Germany: Differentiated Empirical Data

(p.51) 2 Short-term Capital Mobility in France and Germany: Differentiated Empirical Data
Contingent Capital

Michel Goyer

Oxford University Press

Developments in international finance are potentially profoundly disequilibrating. The globalization of capital — FDI and international portfolio investments — has been far more impressive than the growth of international trade. Nonetheless, theoretical inferences cannot be drawn simply from the growing importance of capital mobility across borders. Contributions in social sciences in recent years have emphasized the importance of distinguishing evolutionary shifts from more path-breaking developments. An analysis of developments in international finance requires a nuanced understanding of the preferences and strategies of investors. This chapter presents the methodological issues associated with measuring the increased importance of financial capital. This chapter concludes by presenting the data on the disparities in the investment allocation of short-term investors in France and Germany — the former being a much preferred destination.

Keywords:   capital mobility, institutional investors, investment strategies, shareholder value, short-term investors

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