Claessens et al. (2000, Journal of Financial Economics 58(1–2), 81–112) show that corporate control is substantially enhanced by using pyramid structures and cross-holdings by firms in nine East Asian countries. Claessens et al. (1999, SSRN Working Paper; 2002, Journal of Finance 57(2),...

The paper surveys the most important literature on emerging markets and their performance. Emerging market countries are defined here as the countries with low intuitional capacity in general, rather than the countries with particular economic characteristics and per capita income; although the...