This book investigates two issues that have been slowing down the development of equity capital markets in transition economies - slow progress with privatisation and the lack of shareholder rights. Both problems are illustrated with data for the largest publicly traded Russian firms....

This paper analyzes the determinants of governance transparency. In our model, entrepreneurs optimally decide the precision of their earning reporting by trading off the possibility of expropriating profits against the capacity to attract external funding.We find that information is only...

After an introduction on the role of corporate governance in the management of the firm, the authors focus on the need to find effective solution for the application of the best practices in the field. An index to measure CG effectiveness is proposed

This article addresses one of the foremost, yet mostly unrecognized barriers to the development of effective compliance and ethics programs in organizations: the existing legal system. While much has been made of government efforts to promote and recognize compliance and ethics programs, almost...