In May 2007 the Bank for International Settlements (BIS) and the Federal Reserve Bank (FRB) of Atlanta hosted a meeting in Mexico City on quot;New financing trends in Latin America: a bumpy road towards stabilityquot;. The meeting, which was chaired by Philip Turner of the BIS, brought together...

We analyze the impact of the introduction of credit default swaps (CDS) on real decision making within the firm and the influence of firms' local economic and legal environments on that impact. We extend the model of Bolton and Oehmke (2011) to take into account uncertainty about whether the...

This paper addresses the current discussion on links between party politics and production regimes. Why do German Social Democrats opt for more corporate governance liberalization than the CDU although, in terms of the distributional outcomes of such reforms, one would expect the situation to be...

Abstract: Firm level data from financial statements for nearly 8,000 listed companies in 22 emerging and 22 developed countries over the period 1994-00 are examined. Capital structure, asset structure, rates of return and financing patterns are compared across countries and over time. In...

High growth, liquid Chilean firms have greater relative weights in U.S. equity portfolios, but the most important determinant of a firm's portfolio weight is whether it is listed on a U.S. exchange. Cross-listing does not, however, appear to have permanent benefits: Weights in U.S. portfolios of...

This paper examines governance explanations for the discount of preferred shares to common shares in the Russian market. Conflicts between shareholder classes may help explain the discount. However, for this to be the sole explanation the estimated models suggest that the magnitude of future...

This survey of corporate risk management practice in Hong Kong and Singapore examines the use of derivatives and the oversight of risk management programs in 131 firms. The survey format is the same as that used previously by the Wharton School in its survey of US non-financial corporations, to...

Recent empirical studies have documented the dramatic growth of privatizations globally and the resultant efficiency gains. We develop a theoretical model that incorporates the costs and benefits of privatization as complex options. This framework allows us to highlight the impact of...

During the last two decades, reform of local capital markets and relaxation of capital controls to attract foreign portfolio investments (FPIs) became an integral part of development strategy. The proximity of market openings and large, sudden shifts in international capital flows gave credence...

Local Asian and international capital markets have been branded as culprits in the recent Asian financial crisis. Unfortunately, much of our understanding of the crisis stems from macro level analysis. We provide a micro level approach to understanding the Asian financial crisis that focuses on...