The Brazilian Development Bank (BNDES) is the main financing agent for long term investments in Brazil. Given its relevance, deriving from its large disbursements at subsidized interest rates, the bank could positively influence the corporate governance landscape among large Brazilian companies....

Related Party Transactions (RPTs) are operations with high potential for conflict of interests between shareholders and managers or between controlling and minority shareholders. In environments characterized by concentrated ownership structures, such as in Brazilian, such transactions could be...

This paper analyzes the determinants of the differential pricing of equity classes (voting and non-voting shares) or the so-called dual-class premium (DCP) in Brazil from 1995 to 2006 with a focus on two specific corporate governance aspects: i) the granting of tag along rights, a mandatory bid...

A poor ethical culture has been considered one of the reasons for the emergence of many corporate governance scandals. In this paper, I investigate the link between two corporate governance mechanisms – the composition of the board of directors and ownership structure – and ethical culture...

This is a PPT presentation connecting the emerging field of behavioral ethics to corporate governance in a concise and practical way. Key takeaways are that: 1. We tend to overestimate our ethical behavior; 2. Most of the wrong things are done by good people due to contextual pressures and...

I provide a critique of mainstream corporate governance literature based on agency theory as a conceptual solution in order to ensure de facto well governed companies worldwide. This critique is based on an analysis of common causes associated with high profile corporate scandals from the 21st...

This is a PPT presentation that discusses what is coming next on corporate governance (CG) and in which ways the successful business of the 21st century will differ from its successful 20th century counterpart. The presentation is divided into five key messages: 1) This is a moment of lower...

This is a PowerPoint presentation that debates the role of institutional investors as relevant shareholders on corporate governance in Brazil. The data provides correlational evidence that the presence of some institutional investors such as largest pension funds and the (Brazilian Development...