Having been introduced in the European Union and in many other countries, the equal opportunity rule is seen as protecting investors in the event of a transfer of control. This rule should be analyzed in a context of appropriation of private benefits between the new controlling shareholders and...

The equal opportunity rule is seen as protecting investors in the event of a transfer of control. In order to better analyze the consequence of such a rule, we need to account for the information asymmetry that exists between new controlling shareholders and outside investors with private...

Having been introduced in the European Union and in many other countries, the equal opportunity rule is seen as protecting investors in the event of a transfer of control. This rule should be analyzed in a context of appropriation of private benefits between the new controlling shareholders and...

This paper investigates the role of director networks in firms' decision-making. Using data on 25,621 unique directors who served on the boards of Samp;P 1,500 firms between the years 1996-2004, we map the entire network of directors and generate measures that account for each director's...

European family-controlled public companies tend to perform less well in the stock market than their American counterparts. Also, while more and more investment funds that focus on family-firm opportunities are being formed in the United States, data indicates that institutional investors remain...

Corporate governance has received an increasing amount of attention in recent years. Corporate scandals have brought corporate governance weaknesses to the attention of the general public, especially in the United States. Weaknesses in the corporate structure of some Asian countries have been...

Corporate governance has received an increasing amount of attention in recent years. Corporate scandals have brought corporate governance weaknesses to the attention of the general public, especially in the United States. But corporate governance is sometimes a problem in other countries as...

This paper reconsiders the design of debt-equity swaps that are common tools to financially restructure distressed firms. While an ad hoc approach consists in characterizing a set of three parameters, we demonstrate that a system of two equations defines admissible designs. Hence, assuming that...

This paper is one four corporate governance country reports, part of a 2003 Asia Development Bank Institute (ADBI) project entitled Review of Corporate Governance in Crisis-Hit Asia. The country papers, covering Indonesia, Republic of Korea, Thailand, and Malaysia, are based on the examination...