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Privatization, Corporate Control and Regulatory Reform: The case of Telefonica
Bel, Germa; Trillas, Francesc - EconWPA - 2004
investigates the case of a large privatized firm subject to many policy constraints. The last steps of Telefonica's privatization … documented phenomenon both in this study and in the cross-country literature on privatization; e.g. political ends in … privatization, influence in appointments, golden shares) as the most visible part of such collusion. Liberalization and multi …
Persistent link: https://www.econbiz.de/10005413213
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Corporate Governance as an instrument of change state owned Corporate Governance as an instrument of change state owned companies: The case of the Hellenic Telecommunications Organ...
Spanos, Loukas; Papoulias, Demetrios - EconWPA - 2005
’s case within the international debate regarding the privatization of state-owned companies and the importance of CG … mechanisms as instruments of change. It is argued that the privatization of state-owned companies, when is accompanied with …
Persistent link: https://www.econbiz.de/10005561676
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Transparency, Liberalization and Financial Crises
Mehrez, Gil; Kaufmann, Daniel - EconWPA - 2003
We investigate the effect of financial liberalization on the probability of a banking crises in economies with poor transparency We construct a model with imperfect information where banks cannot distinguish between aggregate shocks on the one hand, and government’s policy and firms’...
Persistent link: https://www.econbiz.de/10005561599
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Towards Transparency in Finance and Governance
Vishwanath, Tara; Kaufmann, Daniel - EconWPA - 2003
The study of transparency is increasingly a more topical, broadly relevant, but also more under-researched enterprise. The Asian financial crisis has highlighted not only the welfare consequences of financial sector transparency, sparking a series of yet unresolved debates, but has also linked...
Persistent link: https://www.econbiz.de/10005561607
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TOWARDS MODERNIZATION OF THE CORPORATE GOVERNANCE IN BULGARIA
Keremidchiev, Spartak - EconWPA - 2005
The paper aims at outlining the existing gaps in Bulgarian corporate governance compared to the standards and the state of corporate governance in developed market economies. The current state of corporate governance, the degree of ownership concentration as well as the strengths and weaknesses...
Persistent link: https://www.econbiz.de/10005412937
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Economic Impact of 'Regulation on Corporate Governance': Evidence from India
Bhattacharyya, Asish K.; Rao, Sadhalaxmi Vivek - EconWPA - 2005
India, with its 20 million shareholders, is one of the largest emerging markets in terms of the market capitalization. In order to protect the large investor base, the Securities and Exchange Board of India (SEBI) has enforced a regulation effective from April 2001, requiring mandatory...
Persistent link: https://www.econbiz.de/10005413156
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CIRCULAR VARIABLE WORK IN PROCESS
Vildosola, Luis - EconWPA - 2002
This work is focused on identifying a circular pull production control system (PPCS) and make emphasis on the presence of a stability attribute. It is an introductory paper to an extended study of macroeconomic financial stability in a physically open but systemic closed system. Previous work...
Persistent link: https://www.econbiz.de/10005126234
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Experience of Asian Asset Management Companies (AMCs): Do they Increase Moral Hazard? - Evidence from Thailand
Terada-Hagiwara, Akiko; Pasadilla, Gloria - EconWPA - 2004
This paper examines the performances of Asian asset management companies (AMCs). The analysis reveals that AMCs vary in their design and performance. Asset management companies can trigger moral hazard- inspired bank lending. Empirical examination of the Thai experience reveals that the moral...
Persistent link: https://www.econbiz.de/10005134678
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Another Look at Option Listing Effects
Mayhew, Stewart; Mihov, Vassil - EconWPA - 2000
Previous research has documented that the introduction of options seems to affect the volatility, liquidity, price and other characteristics of the underlying stock. Existing research, however, has not adequately accounted for the fact that option listing is endogenous, a result of decisions...
Persistent link: https://www.econbiz.de/10005134669
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The Degree of Stability of Price Diffusion
Los, Cornelis A. - EconWPA - 2005
The distributional form of financial asset returns has important implications for the theoretical and empirical analyses in economics and finance. It is now a well-established fact that financial return distributions are empirically nonstationary, both in the weak and the strong sense. One first...
Persistent link: https://www.econbiz.de/10005134704