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O'Hara, Michael J. - William Davidson Institute, University of Michigan - 2003

Business corporations seek profit. That is, after subtracting cost, they maximize net revenue. Spillovers (both costs and benefits) involve trade-offs governing boards should make. Spillovers, especially when coupled with clumsy applications of discounted present value, distort a business'...

Persistent link: https://www.econbiz.de/10005207895

The Changing Corporate Governance Paradigm: Implications for Transition and Developing Countries

Berglof, Erik; Thadden, Ernst-Ludwig von - William Davidson Institute, University of Michigan - 1999

The rapidly growing literature studying the relationship between legal origin, investor protection, and finance has stimulated an important debate in academic circles. It has also generated a number of applied research projects and strong policy statements. This paper discusses the implications,...

Persistent link: https://www.econbiz.de/10005677653

Corporate Governance in China: Then and Now

Schipani, Cindy A.; Junhai, Liu - William Davidson Institute, University of Michigan - 2001

Corporate governance has become a globally debated topic. As multinational corporations enter new global markets, complications abound due to the myriad of corporate governance rules existing among the various legal systems. One example of the new markets becoming more available to American...

Persistent link: https://www.econbiz.de/10005652537

Determinants of Financial Distress: What Drives Bankruptcy in a Transition Economy? The Czech Republic Case

Lízal, Lubomír - William Davidson Institute, University of Michigan - 2002

does not receive support in the ownership but the indicator of voucher privatization supports it. The initial conditions … from early 90's were not the driving the financial distress. The voucher-scheme privatization results in poorer corporate …

Persistent link: https://www.econbiz.de/10005784676

Bank Discrimination in Transition Economies: Ideology, Information or Incentives?

Brandt, Loren; Li, Hongbin - William Davidson Institute, University of Michigan - 2002

We study bank discrimination against private firms in transition countries. Theoretically, we show that banks may discriminate for non-profit reasons, but this discrimination diminishes with a bank’s incentives and human capital. Employing matching bank-firm data from China, we empirically...

Persistent link: https://www.econbiz.de/10005207887

Privatization Versus Competition: Changing Enterprise Behavior in Russia

Earle, John S.; Estrin, Saul - William Davidson Institute, University of Michigan - 1997

We investigate whether competitive forces and privatization have yet began to play an efficiency-enhancing role in … conclude that privatization is having an impact on enterprise efficiency and restructuring but domestic market structure and …

Persistent link: https://www.econbiz.de/10005677389

The Effect of Privatization on the Wealth Distribution in Russia

Alexeev, Michael - William Davidson Institute, University of Michigan - 1997

This paper considers the Russian privatization process through the end of voucher privatization and examines how its … impossible due to the dearth of reliable data, it is feasible to analyze the institutional features of Russian privatization in … terms of their effect on redistribution of wealth. The attempt is made to consider distributional effects of privatization …

Persistent link: https://www.econbiz.de/10005677391

Original Sin, Good Works, and Property Rights in Russia: Evidence From a Survey Experiment

Frye, Timothy - William Davidson Institute, University of Michigan - 2005

particular) where privatization is often opaque and businesspeople may receive property, but remain unwilling to use it … conducted in Russia in February 2005, I find that the original sin of an illegal privatization is difficult to expunge …

Persistent link: https://www.econbiz.de/10005677425

Social Costs of Mass Privatization

Stuckler, David; King, Lawrence P. - William Davidson Institute, University of Michigan - 2007

According to leading economic theorists, creating capitalism out of communism requires rapid privatization. In this … article we empirically test the welfare implications of privatization policies in Post-Soviet countries by using cross …-national panel mortality data as an indicator of social costs. We find that rapid privatization – whether measured by a novel measure …

Persistent link: https://www.econbiz.de/10005677434

Post-Privatization Enterprise Restructuring

Bornstein, Morris - William Davidson Institute, University of Michigan - 2000

Post-privatization restructuring of former state-owned enterprises (FSOEs) encompasses both shorter-run "defensive …

Persistent link: https://www.econbiz.de/10005677509