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Share and Share Alike? Hedge Funds, Human Rights, and Owning Enterprise in Britain
Author(s) -
Bholat David,
Dunn Alison,
Gray Joanna
Publication year - 2012
Publication title -
journal of law and society
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.263
H-Index - 48
eISSN - 1467-6478
pISSN - 0263-323X
DOI - 10.1111/j.1467-6478.2012.00578.x
Subject(s) - shareholder , context (archaeology) , equity (law) , doctrine , business , hedge fund , corporate governance , accounting , law and economics , market economy , finance , economics , law , political science , paleontology , biology
This article explores the meanings of ownership and shareholding in the context of the 2007 run on Northern Rock, its subsequent nationalization in 2008, and the resulting legal challenge brought by former shareholders. Drawing on evidence from a range of sources outside traditional legal and official doctrine, and from original empirical research, it focuses on the perspective and voices of local small individual shareholders in relation to shareholding, bank failure, and government responses to financial crisis. It tells the story of these individual shareholders against differing conceptions of share ownership rights and responsibilities, and from various angles, to show the many different subjectivities of corporate shareholding and ownership of enterprise of which orthodox legal and economic models take scant account. It concludes on a note of historic persistence in demand for proprietary shares in banking institutions, despite the differing levels of understanding and tolerance of equity risk among shareholders that our research reveals.