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Soverign Wealth Fund Issues and the National Fund(s) of Kazakhstan

Kemme, David - William Davidson Institute, University of Michigan - 2012

This paper first describes the major concerns associated with SWFs, mainly revolving around state ownership and lack of transparency. It then focuses on the National Fund for the Future of Kazakhstan (the “oil fund”, or NOF) and Samruk Kazyna (SK), the holding company for state owned...

Persistent link: https://www.econbiz.de/10010570286

THE COST STRUCTURE OF MICROFINANCE INSTITUTIONS IN EASTERN EUROPE AND CENTRAL ASIA

Hartarska, Valentina; Caudill, Steven B.; Gropper, Daniel M. - William Davidson Institute, University of Michigan - 2006

Microfinance institutions are important, particularly in developing countries, because they expand the frontier of financial intermediation by providing loans to those traditionally excluded from formal financial markets. This paper presents the first systematic statistical examination of the...

Persistent link: https://www.econbiz.de/10005652605

Institutions, Governance and Technology catch-up in North Africa

Drine, Imed - William Davidson Institute, University of Michigan - 2011

the quality of governance. The empirical results show that institutions (corruption, law and rules and investment climate …

Persistent link: https://www.econbiz.de/10010545919

Bribery: Who Pays, Who Refuses, What Are The Payoffs?

Hunt, Jennifer; Laszlo, Sonia - William Davidson Institute, University of Michigan - 2005

We provide a theoretical framework for understanding when an official angles for a bribe, when a client pays, and the payoffs to the client’s decision. We test this frame work using a new data set on bribery of Peruvian public officials by households. The theory predicts that bribery is more...

Persistent link: https://www.econbiz.de/10005784704

Institutional Change and Firm Creation in East-Central Europe: An Embedded Politics Approach

McDermott, Gerald A. - William Davidson Institute, University of Michigan - 2003

A central debate about the transformation of post-communists countries is how the process of institution building impacts firm restructuring and creation. This debate has largely been dominated by approaches that emphasize either the depoliticization of institutional designs or the determining...

Persistent link: https://www.econbiz.de/10005784726

Governance and Performance of Microfinance Institutions in Central And Eastern Europe and the Newly Independent States

Hartarska, Valentina - William Davidson Institute, University of Michigan - 2004

This paper presents the first evidence on the impact of external governance mechanisms, board diversity and … and the Newly Independent States. Results indicate that among external governance mechanisms only auditing affects …

Persistent link: https://www.econbiz.de/10005652536

Stock Markets Liquidity, Corporate Governance and Small Firms

Tadesse, Solomon - William Davidson Institute, University of Michigan - 2005

economically valuable governance services, particularly to small and medium enterprises (SME), has not received much attention. The … paper examines the role of public policy in promoting the governance role of secondary equity markets for the benefit of … SMEs. The paper first outlines the mechanisms through which equity markets could promote good governance in small firms …

Persistent link: https://www.econbiz.de/10005652604

Culture Rules: The Foundations of the Rule of Law and Other Norms of Governance

Licht, Amir N.; Goldschmidt, Chanan; Schwartz, Shalom H. - William Davidson Institute, University of Michigan - 2003

hypotheses about three basic social norms of governance: the rule of law, corruption, and accountability. These norms correlate …. Regressions indicate that quantitative measures of national culture are alone remarkably predictive of governance, that economic …

Persistent link: https://www.econbiz.de/10005652615

How Corruption Hits People When They Are Down

Hunt, Jennifer - William Davidson Institute, University of Michigan - 2006

Using cross–country and Peruvian data, I show that victims of misfortune, particularly crime victims, are much more likely than non–victims to bribe public officials. Misfortune increases victims’ demand for public services, raising bribery indirectly, and also increases victims’...

Persistent link: https://www.econbiz.de/10005677426

Do Investors Value Insider Trading Laws? International Evidence

Beny, Laura - William Davidson Institute, University of Michigan - 2006

The article presents a simple agency model of the relationship between corporate valuation and insider trading laws. The article then investigates the model’s three testable hypotheses using firm-level data from a cross-section of developed countries. I find that more stringent insider trading...

Persistent link: https://www.econbiz.de/10005677456