were designed to promote a disperse ownership and give managers a high level of discretion in running the company. By this … managers, and the threat of a takeover was not a credible one, since the government kept a golden share. There is no overall … evidence of capture of politicians and regulators by managers in the interest of shareholders, although evidence suggests the …

accounting practices, improving incentives for disclosure and balancing countervailing regulations to minimize perverse … incentives generated by safety net arrangements such as deposit insurance. An important suggestion is that since institutional … reform to promote incentives for openness: harnessing private sector participation in service provision, promoting exit and …

We examine firm managers' incentives to commit fraud in a model where firms seek funding from investors and investors … can monitor firms at a cost in order to get more precise information about firm prospects. We show that fraud incentives …

the effects of DES contract versus subordinated debt on bank stability, depositor protection, incentives for risk taking …