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Evidence of Differences in the Effectiveness of Safety-Net Management in European Union Countries

Carbo-Valverde, Santiago - 2008

EU financial safety nets are social contracts that assign uncertain benefits and burdens to taxpayers in different member countries. To help national officials to assess their taxpayers' exposures to loss from partner countries, this paper develops a way to estimate how well markets and...

Persistent link: https://www.econbiz.de/10012464865

Investor Protection : Origins, Consequences, and Reform

Porta, Rafael La - 1999

Recent research has documented large differences between countries in ownership concentration in publicly traded firms, in the breadth and depth of capital markets, in dividend policies, and in the access of firms to external finance. We suggest that there is a common element to the explanations...

Persistent link: https://www.econbiz.de/10012471353

Investor Protection and Corporate Valuation

Porta, Rafael La - 1999

We present a model of the effects of legal protection of minority shareholders and of cash flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a sample of 371 large firms from 27 wealthy economies. Consistent with the model, we find evidence of...

Persistent link: https://www.econbiz.de/10012471382

Law and Finance c. 1900

Musacchio, Aldo - 2010

How persistent are the effects of legal institutions adopted or inherited in the distant past? A substantial literature argues that legal origins have persistent effects that explain clear differences in investor protections and financial development around the world today (La Porta et al, 1998,...

Persistent link: https://www.econbiz.de/10012462439

Investor Protection and Interest Group Politics

Bebchuk, Lucian A. - 2007

We model how lobbying by interest groups affects the level of investor protection. In our model, insiders in existing public companies, institutional investors (financial intermediaries), and entrepreneurs who plan to take companies public in the future, compete for influence over the...

Persistent link: https://www.econbiz.de/10012464944

Differences in Governance Practices between U.S. and Foreign Firms : Measurement, Causes, and Consequences

Aggarwal, Reena - 2007

Using an index which increases as a firm adopts more governance attributes, we find that 12.7% of foreign firms have a higher index than matching U.S. firms. The best predictor for whether a foreign firm adopts more governance attributes than a comparable U.S. firm is whether the firm comes from...

Persistent link: https://www.econbiz.de/10012465362

Private Investment and Government Protection

Kousky, Carolyn - 2006

Hurricane Katrina did massive damage because New Orleans and the Gulf Coast were not appropriately protected. Wherever natural disasters threaten, the government -- in its traditional role as public goods provider -- must decide what level of protection to provide to an area. It does so by...

Persistent link: https://www.econbiz.de/10012466413

Why Do Countries Matter So Much for Corporate Governance?

Stulz, Rene M. - 2004

, and the level of economic and financial development, influence firms' costs and benefits in implementing measures to … reduce agency costs. We show that, for a given level of country investor protection, the incentives to adopt better …

Persistent link: https://www.econbiz.de/10012467964

The Effect of Financial Development on Convergence : Theory and Evidence

Aghion, Philippe - 2004

We introduce imperfect creditor protection in a multi-country version of Schumpeterian growth theory with technology transfer. The theory predicts that the growth rate of any country with more than some critical level of financial development will converge to the growth rate of the world...

Persistent link: https://www.econbiz.de/10012468335

Do Firms in Countries with Poor Protection of Investor Rights Hold More Cash?

Pinkowitz, Lee - 2003

corporate resources for their own benefit (the agency costs theory). Holdings of liquid assets by firms across countries are … protection of investor rights hold more cash. The tradeoff theory and the agency costs theory can both explain holdings of liquid … development is only consistent with the agency costs theory …

Persistent link: https://www.econbiz.de/10012468506

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