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of greater bank disclosure in mitigating the likelihood of systemic banking crisis. In a cross sectional study of banking … regimes characterized by (i) comprehensive disclosure (ii) informative disclosure, (iii) timely disclosure and (iv) more …
Persistent link: https://www.econbiz.de/10005652509
impact of greater bank disclosure in mitigating the likelihood of systemic banking crisis. In a cross sectional study of … countries with regulatory regimes that require extensive bank disclosure and stringent auditing. …
Persistent link: https://www.econbiz.de/10005677701
Mass privatization offers a particularly suitable framework to study the change in ownership concentration as the extent of change is unusual for a stable market economy. Focusing on two different mass privatization schemes in two transition economies, Poland and the Czech Republic, we find that...
Persistent link: https://www.econbiz.de/10005652508
Capital markets perform two distinct functions: provision of capital and facilitation of good governance through information production and monitoring. I argue that the governance function has more impact on the efficiency with which resources are utilized within the firm. Based on industry...
Persistent link: https://www.econbiz.de/10005652524
We analyze the effects of ownership type and concentration on performance of a population of firms in a model large-scale privatization economy (Czech Republic). Using specifications based on first-differences and unique instrumental variables, we find that few types of private ownership improve...
Persistent link: https://www.econbiz.de/10005652527
In emerging markets, the concentration of corporate ownership has created agency conflicts between controlling owners and minority shareholders. Conventional corporate control mechanisms such as boards of directors and takeovers are typically weak in containing the agency problem. This study...
Persistent link: https://www.econbiz.de/10005652532
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
We study China's township-village enterprises (TVES) from an organizational perspective with a focus on governance. Unlike most previous studies, we interpret the firm boundaries of TVEs at the community level rather than the enterprise level. From this perspective, we analyze the central role...
Persistent link: https://www.econbiz.de/10005652587
This paper seeks to provide an answer to the following question, namely when and how does privatization work? Using a unique sample of 201 firms headquartered in 32 developing countries, we document a significant increase in profitability, efficiency, investment and output. Next, using...
Persistent link: https://www.econbiz.de/10005652594
I begin this essay with a brief overview of the corporation in legal discourse. In this overview, I draw upon current corporate law scholarship, considering the notions of the corporation as (1) property, (2) person, (3) contract, and (4) community. Following this overview, I explore the...
Persistent link: https://www.econbiz.de/10005652595