We examine whether stricter non-compliance sanctions on corporate governance regulations influence the investment decisions of foreign portfolio investors in emerging markets. To answer this question we use a natural experiment provided by a corporate governance regulatory reform introduced in...

This article is the first study of long-run evolution of investor protection and corporate ownership in the United Kingdom over the twentieth century. Formal investor protection emerged only in the second half of the century. We assess the influence of investor protection on ownership by...

This paper studies the influence of ownership concentration, board size, and debt in firm performance of a sample of 216 companies from Spain and the United Kingdom, over a four-year period (2000 - 2003), with the aim of uncovering evidence on the influence of the legal environment in the design...

This paper analyses a longitudinal dataset on legal protection of shareholders over a 36 year period, 1970-2005, for four advanced countries, the UK, France, Germany and the USA. It examines two aspects of the legal origin hypothesis-whether shareholder protection is higher in the common law...

We define minority M&A transactions as those initiated by target controlling shareholders to acquire minority shareholders' ownership in the same target firm. Existing studies provide diverse evidence with regard to whether minority shareholders are expropriated by controlling shareholders in...