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Domestic Institutions and the Bypass Effect of Financial Globalization
Ju, Jiandong - 2007
which financial globalization can be a substitute for reforms of domestic financial system. Inefficient financial system and … investment. While financial globalization always improves the welfare of a developed country with a good financial system, its … the world than many developing countries. A noteworthy feature of this theory is that financial and property rights …
Persistent link: https://www.econbiz.de/10012465505
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Financial Globalization, Corporate Governance, and Eastern Europe
Stulz, Rene M. - 2006
financial world is not flat because poor governance prevents firms from being widely held and from taking full advantage of … financial globalization. Poor governance has implications for corporate finance as well as for macroeconomics. I show that poor …
Persistent link: https://www.econbiz.de/10012466759
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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
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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
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Index Funds and the Future of Corporate Governance : Theory, Evidence, and Policy
Bebchuk, Lucian A. - 2019
We seek to contribute to understanding index fund stewardship by providing a comprehensive theoretical, empirical, and policy analysis of such stewardship. We put forward an agency-cost theory of the stewardship decisions that index fund managers make. Our agency-costs analysis shows that index...
Persistent link: https://www.econbiz.de/10012480487
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Law and Finance c. 1900
Musacchio, Aldo - 2010
development around the world today (La Porta et al, 1998, 1999 and passim). This paper examines the persistence of the effects of … variation observed in financial development around the world today is likely a product of events of the twentieth century rather …
Persistent link: https://www.econbiz.de/10012462439
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Why Did Some Banks Perform Better During the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation
Beltratti, Andrea - 2009
, there is significant variation in the cross-section of stock returns of large banks across the world during that period. We …
Persistent link: https://www.econbiz.de/10012463469
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Never Waste a Good Crisis : An Historical Perspective on Comparative Corporate Governance
Morck, Randall - 2009
Different economies at different times use different institutional arrangements to constrain the people entrusted with allocating the economy's capital and other resources. Comparative financial histories show these corporate governance regimes to be largely stable through time, but capable of...
Persistent link: https://www.econbiz.de/10012463607
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Managing Public Investment Funds : Best Practices and New Challenges
Mitchell, Olivia S. - 2008
Large publicly-held pools of assets are playing an increasingly prominent role in the global investment arena. We compare three distinct forms of such public funds, namely foreign exchange reserve funds, sovereign wealth funds, and public pension funds, to highlight their differences and...
Persistent link: https://www.econbiz.de/10012464569
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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