This paper examines the effects of different corporate governance mechanisms on the cost of debt for large European firms and documents a novel interaction effect between shareholder rights and disclosure. Improved disclosure leads to a lower credit spread only if shareholder rights are low. A...

This paper estimates the impact of judicial decisions, mainly the prosecution and court sentencing of controlling shareholders' corporate crime, embezzlement, and breach of fiduciary duty, on the market value of a firm. The indictment or imprisonment of controlling shareholders in Korean large...

This paper advances the claim that the large modern public corporation, especially the listed corporation, is in addition to being an entity in its own right, is an entity without owners. In other words, the large modern corporation owns itself in both and economic and legal sense, and because...