Determinants of default risk of banks in emerging economies have so far received inadequate attention in the literature. Using panel data techniques, this paper seeks to study the determinants bank asset quality and profitability using robust data sets for the period from 1997-2009. The findings...

Turkey is one of the eight countries that currently have a corporate governance index for firms listed on its main stock exchange (Borsa Istanbul). As in the case of many emerging markets, the country’s business landscape is characterized by family owned conglomerates some of which have...

The paper presents some of the results of a survey of ownership sructure. The survey uses the classic tradition in the treatment of the problem,stating that the means for effective control on the management of the enterprise are determined by the scale and the distribution of the shareholders’...

This paper attempts to explain a large premium paid on common (voting) shares relative to preferred (non-voting) shares in the Russian stock market. Empirical analysis focuses on two main explanations relating the premium either to the voting right attached to common shares or to differences in...

This paper investigates how multinational firms choose their capital structure in response to political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we distinguish different types of political risk, like expropriation, corruption...

We analyze the limit behavior of sequences of oligopolistic equilibria in which firms follow objectives consistent with their shareholders' interests. We show that the efficiency of the limit allocation depends on how firms' shares are distributed across consumers, and provide a characterization...

This paper analyzes the effects of a potential spillover on technology transfer of a multinational enterprise and on the host country policy. In particular, we examine how both parties' incentives can be controlled through the ownership structure in an international joint venture. In contrast to...

This article investigates the change in operating performance of 115 firms that go public on the French New Market over the period 1996-2000. A significant decline in operating performance subsequent to the Initial Public Offering (IPO) is found. Companies appears to sustain sales growth but not...

We develop a model in which multinational investors decide about the modes of organization, the locations of production, and the markets to be served. Foreign investments are driven by market-seeking and cost-reducing motives. We further assume that investors face costs of control that vary...