Corporate governance is one of the most topical and controversial areas of business and finance. This article provides an overview of the questions that it raises and proposed policy responses. It points to the diversity in systems of corporate governance around the world, the apparently...

A significant recent development has been the extension of market processes to activities which were previously provided by the public sector. A central feature of newly privatized markets is the emergence of widespread forms of contracting. Explicit contracting is used where in the past...

Patterns of corporate control vary markedly across countries. This paper examines the reasons for these differences and their consequences for corporate performance. It finds that they primarily result from differences in the ownership of firms and their legal forms. These affect the relative...

[fre] Partage explicite du profit ou partage implicite du profit dans la détermination des salaires . par Sandeep Bhargava et Tim Jenkinson . L'objet de cet article est de s'interroger sur l'affirmation stipulant que le partage explicite du profit réduit le coût marginal du travail. Cette vue...

This clinical paper analyses a new way of conducting IPOs which has recently been introduced in the U.K.  The essential feature of Accelerated IPOs (aIPOs) is that investors from syndicates to bid for the entire offering, and then execute an immediate IPO (within a week).  Vendors can use an...

This paper provides an empirical analysis of the financial structure of large recent buyouts.  We collect detailed information of the financings of 153 large buyouts (averaging over $1 billion in enterprise value).  We document the manner in which these important transactions are financed. ...

Competition between investment banks for lead underwriter mandates in IPOs is fierce, but having committed to a particular bank, the power of the issuer is greatly reduced.  Although information revelation theories justify giving the underwriters influence over pricing and allocation, this...

It is often taken as axiomatic that investors prefer high levels of regulation.  Yet companies have increasingly chosen to list on stock exchanges with lower regulatory requirements.  In this paper we analyse whether investors value high regulatory standards for quoted companies.  We use the...