In this paper we investigate how privatization affects stock return volatility. We show that privatization is related to volatility via political risk. In particular, a privatization program that is maintained over time signals credibility, which reduces political risk and in turn volatility. We...

In this paper we investigate how the progress of market-oriented reforms such as privatization affects stock return volatility and how this impact varies with the level of economic development. We show that privatization is related to volatility via political risk. Indeed, a privatization...

We investigate the empirical relation between competition and corporate governance and the effect of country characteristics on this relation. We find that competition is associated with strong corporate governance, but only in less developed countries. We next examine the impact of corporate...

We investigate the empirical relation between competition and corporate governance and the effect of country characteristics on this relation. We find that competition is associated with lower corporate governance ratings in developed countries. In developing countries, firms from competitive...

We investigate the empirical relation between competition and corporate governance and the effect of country characteristics on this relation. We find that competition is associated with strong corporate governance, but only in less developed countries. We next examine the impact of corporate...