This survey provides a synthetic and evaluative survey of issues in corporate financial distress and bankruptcy. This area has moved into a public domain as a result of the recent global financial crisis that witnessed failures of many venerable institutions that got rescued by the government....

Japan’s high corporate savings might be holding back growth. We focus on the causes and consequences of the current corporate behavior and suggest options for reform. In particular, Japan’s weak corporate governance—as measured by available indexes—might be...

We analyze the announcement price behavior of independent director appointments stemming from monitoring, signaling, advising effects and moderating effects of controlling shareholders. Based upon appointments samples made by firms listed on the Taiwan Stock Exchange, we find that the cumulative...

We examine the value relevance of voluntary versus mandatory independent director appointments based on market reaction. Our analytical model proposes that the market expects voluntary appointments to bring more positive value than mandatory appointments since voluntary appointments signal the...

Provides information on the early design, operations, and implementation of the welfare-to-work grants program, finding a special emphasis on supported employment and increased attention to job retention in some programs. Available in HTML format at ttp://aspe.hhs.gov/hsp/wtw-imp00/index.htm.

This paper investigates the association between corporate governance mechanisms and earnings quality after the implementation of the Malaysian Code of Corporate Governance in 2001. Using 1625 firm-year observations during the period 2003-2007, we tested whether corporate governance variables are...

A brief review of recent literature on corporate governance is provided, which is then concluded with a proposed corporate governance framework as a starting point for further development. We propose that it is stakeholder concentration that determines the quality of corporate governance. Next...

Using data from 944 public companies in 2006, I examine how a firm''s propensity to pay dividends is related to (i) board independence and (ii) independent directors'' tenure, number of board seats (busy) and equity incentive compensation. After controlling for the effects of traditional...

We conduct an experiment to examine how lending decisions are affected by lender perceptions of reporting and governance quality. We perform a set of experiments to determine whether lenders are sensitive to the quality of governance as measured by board composition along multiple dimensions,...

Some of the most widely expressed myths about the German financial system are concerned with the close ties and intensive interaction between banks and firms, often described as Hausbank relationships. Links between banks and firms include direct shareholdings, board representation, and proxy...