We investigate the effect of government share ownership on the cost of corporate debt. Government ownership could carry an implicit debt guarantee reducing the chance of default and leading to a lower cost of debt. On the other hand, government ownership could lead to a higher cost of debt if...

Motivated by the recent rise of state capitalism, this paper investigates the effects of government ownership on market valuations across a sample of publicly listed corporations from East Asia. We find strong, robust evidence that government-owned firms exhibit higher market valuation than...

This study describes the Indian corporate governance system and examines how the system has both supported and held back India's ascent to the top ranks of the world's economies. While on paper the country's legal system provides some of the best investor protection in the world, enforcement is...

The results of our empirical investigation indicate that, on average, corporate governance features in the 80 largest oil and gas companies around the world have changed considerably in the wake of the landmark case of Enron and the 2008 global financial crisis. Both listed non-U.S. firms and...

We examine the effect of board members with venture capital experience (i.e., VC directors) on executive incentives at publicly listed firms. VC directors serving on the compensation committee are associated with greater CEO risk-taking incentives (i.e., vega) and greater pay-for-performance...

We examine the effect of board members with venture capital experience (i.e., VC directors) on executive incentives at non-VC-backed public firms. VC directors serving on the compensation committee are associated with greater CEO risk-taking incentives (i.e., vega) and pay-for-performance...

We explore whether government ownership affects the cost of debt using a sample of fully and partially privatized companies. On average across firms, a one-percentage-point decrease in government ownership is associated with an increase in the credit spread, used as a proxy for the cost of debt,...

This study presents the first comprehensive compilation of the number of people around the world who own shares directly and indirectly. We document that at least 310 million people in 59 countries (24 developed and 35 emerging market nations) own stock directly [Table 1]. Nearly 173 million of...

Using hand-collected data from China’s split share structure reform (SSSR) programme, we theorise and show that the certification of foreign institutional investors mitigates domestic minority shareholders’ mistrust of controlling shareholders’ reform plans and facilitates the SSSR....