Résumé

Governments in Europe and the US have recently acquired significant stakes in a number of financial institutions, raising fears that they will use their investments to pursue interventionist goals. The comparative analysis of 16 major bail‐outs in Belgium, Germany, France, Ireland, Switzerland, the UK and the US provides evidence to the contrary. Fiscal and political considerations have prompted governments to generally avoid common stock investments, limit direct managerial involvement and favor early exits. While this investment strategy may prove detrimental to other stakeholders, it resembles the approach distressed asset investors would adopt under the circumstances.

Référence

Gerard Hertig (ETH Zurich), « Governments as Stakeholders of Last Resort », IAST General Seminar, Toulouse : IAST, 2 février 2012, 15h30–17h00, salle MF323.