In this study, we examine the wealth effects of regulatory changes intended to improve corporate governance by protecting minority shareholders from expropriation by controlling shareholders. Using data from publicly traded Chinese firms, we find that these new regulations significantly...

The paper considers key issues in the development of effective corporate governance in the newly established corporate sector of Russia.

We examine the wealth effects of three regulatory changes designed to improve minorityshareholder protection in the Chinese stock markets. Using the value of a firm’s related-party transactions as an inverse proxy for the quality of corporate governance, we find that firms with weaker...

This paper is the first, to our knowledge, to make the distinction between the investment opportunity set of real assets versus portfolio securities. We perform a large scale formal investigation of the investment opportunity set in global acquisitions based on ownership type over the period of...

We examine changes to corporate ownership in nine East Asian countries following the 1997 Asian Financial Crisis. Countries with lower incomes and in which policy making involves greater transactions costs (i.e., veto points) have more firms with state ownership. Partial state ownership appears...

In the ongoing discussion about offshoring in the computer and data-processing industries, the 2006 ACM report Globalization and Offshoring of Software addressed job shifts due to globalization in the software industry. But jobs represent only half of the labor and capital equation in business....

Unknown or almost nonexistent till ’90 years, the phenomenon of tax evasion had abundantly flourished in the Romania’s transitional economy, covering all its fields with black spots, under many, various and harmful appearance. The first laws stipulating the profit and the salary taxes also...

Since 2003 policymakers in Barbados have implemented a series of tax reforms that have lowered both basic as well as marginal income tax rates. These changes have more than likely induced taxpayers to alter their behaviour in order to affect their reported taxable income. This paper employs an...

Economists agree that accounting specialists are helpful in avoiding taxes. We argue that such help can often be called sophisticated evasion. We analyze it in a game of incomplete information played by tax authority, corporate taxpayers and accounting specialist. When sophisticated evasion is...