This paper uses a robust valuation model and data available in 1985-1989 to conduct a synthetic market-value accounting of the year-to-year opportunity cost of FSLIC forbearance. Although opportunity cost did not increase in every single year, it did increase on average over the period. Had...

The Securities and Futures Bureau (SFB) of Taiwan prescribes that firms applying for an initial listing after February 2002 must have at least two seats of independent directors (IDs) on the board. Under the SFB 2002 rules, this paper investigates the effect of such governance reforms in ID...

Advances in Pacific Basin Business, Economics, and Finance is an annual publication designed to focus on interdisciplinary research in finance, economics, accounting and management among Pacific Rim countries. All articles published have been reviewed and recommended by at least two members of...