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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

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 Organization

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

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

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

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

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

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

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

Disclosure to an Audience with Limited Attention

Hirshleifer, David; LIM, SONYA SEONGYEON; Teoh, Siew Hong - EconWPA - 2004

In our model, informed players decide whether or not to disclose, and observers allocate attention among disclosed signals, and toward reasoning through the implications of a failure to disclose. In equilibrium disclosure is incomplete, and observers are unrealistically optimistic. Nevertheless,...

Persistent link: https://www.econbiz.de/10005407521

Why VAR Fails: Long Memory and Extreme Events in Financial Markets

Los, Cornelis A. - EconWPA - 2004

The Value-at-Risk (VAR) measure is based on only the second moment of a rates of return distribution. It is an insufficient risk performance measure, since it ignores both the higher moments of the pricing distributions, like skewness and kurtosis, and all the fractional moments resulting from...

Persistent link: https://www.econbiz.de/10005413041