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terminate poorly performing managers. This finding is consistent with our hypothesis that governance problems in private firms … performing managers. Comparing private firms to their public counterparts, we find that private firms have a lower propensity to … replace poorly performing managers than public firms do and that public firms' exposure to capital market forces (the market …
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privatization (i.e., IPO) has different effects depending on the types of owners to whom it gives control in corporate governance …
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This paper introduces new data on the term in office of central bank governors in 137 countries for 1970-2004. Our panel models show that the probability that a central bank governor is replaced in a particular year is positively related to the share of the term in office elapsed, political and...
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