Resolving systemic banking and corporate distress is no easy task. This paper reviews bank and corporate restructuring efforts in the four East Asian crisis countries. Indonesia, Republic of Korea, Malaysia, Thailand, and identifies remaining priorities for reform. The analysis indicates that...

We examine the separation of ownership and control for 2,980 corporations in nine East Asian countries. In all countries, voting rights frequently exceed cash-flow rights via pyramid structures and cross-holdings. The separation of ownership and control is most pronounced among family-controlled...

We examine the efficiency of investment by diversified firms in nine East Asian countries, using a unique data of more than 10,000 firms over the 1991-96 period. We document the degree of diversification in the corporate sector, distinguish between vertical and complementary diversification, and...

We study the effect of changes in management and the use of equity incentives on firm performance and market valuation using a cross-section of 706 Czech firms over the 1993-97 period. As these firms have exogenously determined ownership structures, we avoid the simultaneity problem often...

In nine East Asian countries, higher cash-flow rights are associated with a higher market valuation and higher control rights with a lower valuation, especially when cash-flow rights are low and control rights are high. This suggests the expropriation of minority shareholders by controlling...

Some East Asian firms diversify to circumvent external factor markets subject to high transaction costs. Other diversify as a means of expropriation by large stockholders. There is evidence that group affiliation is used to complement firm-level diversification in the creation of internal...